Title: NOTE C - LOANS RECEIVABLE
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting, except for subrecipient expenditures, which are recorded on the cash basis. 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. Direct loans are loans held by the Federal Government and are not included in loans receivable for the College. Direct loans disbursed during the year are included in the federal expenditures presented in the Schedule. The College has elected not to use the ten percent de minimus indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the ten percent de minimus indirect cost rate as allowed under the Uniform Guidance.
The federal student loan programs listed subsequently are administered directly by the College, and balances and transactions relating to these programs are included in the College's basic financial statements. Perkins and Nursing loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at June 30, 2022 consists of: Gross loans receivable at June 30, 2022 including the institutional match, totaled: Federal Perkins Loan Program - Assistance Listing Number 84.038 - Loans Receivable $471,723. Federal Nursing Student Loans - Assistance Listing Number 93.364 - Loans Receivable $1,116,085.
Title: NOTE D - LOANS DISBURSED
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting, except for subrecipient expenditures, which are recorded on the cash basis. 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. Direct loans are loans held by the Federal Government and are not included in loans receivable for the College. Direct loans disbursed during the year are included in the federal expenditures presented in the Schedule. The College has elected not to use the ten percent de minimus indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the ten percent de minimus indirect cost rate as allowed under the Uniform Guidance.
Section 466 (c) of the Higher Education Act requires institutions to return to the Department of Education (the Department) the Federal share of any Excess Liquid Capital (ELC) from the institution's Federal Perkins Loan Revolving Fund (Fund). ELC is the amount of the Fund's "Cash On Hand" that is in excess of the institution's estimated immediate needs for the Perkins Loan Program. In Fiscal Year 2022 the College had excess liquid capital and returned it to the Department. Federal Family Education Loans - Federal Perkins Loan Program - Assistance Listing Number 84.038 - New Loans $274,419.
Title: NOTE E - SUBRECIPIENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting, except for subrecipient expenditures, which are recorded on the cash basis. 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. Direct loans are loans held by the Federal Government and are not included in loans receivable for the College. Direct loans disbursed during the year are included in the federal expenditures presented in the Schedule. The College has elected not to use the ten percent de minimus indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the ten percent de minimus indirect cost rate as allowed under the Uniform Guidance.
Of the federal expenditures presented in the schedule, Portland Community College provided federal awards to subrecipients as follows: OIT Education and Human Resources - NSF RETA - 47.076 - $151,176; Madden - OED: AIM - 17.268 - $2,221; Portland State University - S-STEM SE - 47.076 - $241,822; Oregon Coast Community College - Covid-19 - Education Stabilization Fund - Student Aid - 84.425E - $301,480; Oregon Coast Community College - Covid-19-Education Stabilization Fund - Title III SIP - 84.425M - $38,166; Oregon Coast Community College - Covid-19 - Education Stabilization Fund - Institutional - 84.425F - $280,801.
Title: NOTE A - BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting, except for subrecipient expenditures, which are recorded on the cash basis. 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. Direct loans are loans held by the Federal Government and are not included in loans receivable for the College. Direct loans disbursed during the year are included in the federal expenditures presented in the Schedule. The College has elected not to use the ten percent de minimus indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the ten percent de minimus indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of Portland Community College (the College) under programs of the federal government for the year ended June 30, 2022. The information 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 selected portion of the operations of the College, it is not intended to and does not present the financial position, changes in net position, or cash flows of the College.