Title: FEDERAL DIRECT STUDENT LOANS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures 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 not elected to use the 10% de minimis indirect cost rate.
During the year ended June 30, 2022, the College processed the following new loans under the Federal Direct Student Loan Program. The loans were made directly through the United States Department of Education. Federal Subsidized Loans $2,211,158; Federal Unsubsidized Loans $2,816,591; Federal Parents Loans $4,228,876; Total Federal Direct Student Loans $9,256,625.
Title: FEDERAL PERKINS LOAN PROGRAM
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures 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 not elected to use the 10% de minimis indirect cost rate.
The following sets forth certain balances and activities in the Federal Perkins Loan Program for the year ended June 30, 2022: Perkins cash balance at June 30, 2022 $334,666; Perkins loans receivable at June 30, 2021 as presented on the Schedule $2,099,710; Perkins loans collected $283,816; Perkins loans cancelled $1,523; Perkins loans receivable at June 30, 2022 $1,814,371.
Title: NURSING STUDENT LOANS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures 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 not elected to use the 10% de minimis indirect cost rate.
The following sets forth certain balances and activities in the Nursing Student Loans (NSL) for the year ended June 30, 2022. NSL cash balance at June 30, 2022 $148,839; NSL loans receivable at June 30, 2021 $485,392; New loans advanced $104,998; NSL expended as presented on the Schedule $590,390; NSL loans collected $48,793; NSL loans receivable at June 30, 2022 $541,597.
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures 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 not elected to use the 10% de minimis indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of Hartwick College (the College) for the year ended June 30, 2022. The information in this Schedule is presented in accordance with requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a portion of the operations of the College, it is not intended to and does not present the financial position, changes in net assets or cash flows of the College.