Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes federalgrant activity of Harcum College (the College) under programs of the federal government forthe year ended June 30, 2022. The information in this Schedule is presented in accordance withthe requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance).Because this Schedule presents only a selected portion of the operations of the College, it is notintended to and does not present the financial position, changes in net assets or cash flows ofthe College. Expenditures reported in the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance,wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10 percent de minimum indirect cost rate allowed underthe Uniform Guidance.
The Federal Perkins Loan Program is administered directly by the College, and balances and transactions relating to these programs are included in the College's basic financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. Federal Perkins Student Loans outstanding at June 30, 2022 totaled $138,313.