FAC Explorer

Audit 27166

FY End
2022-06-30
Total Expended
$30.07M
Findings
0
Programs
19
Organization: Trustees of the College of the Holy Cross (MA)
Year: 2022 Accepted: 2023-03-02
Auditor: Kpmg LLP

Organization Exclusion Status:

Findings

No findings recorded

Programs

ALN Program Spent Major Findings
84.268 Federal Direct Student Loans $14.19M - 0
97.036 Disaster Grants - Public Assistance (presidentially Declared Disasters) $5.16M Yes 0
84.038 Federal Perkins Loans $3.69M - 0
84.063 Federal Pell Grant Program $2.42M - 0
84.033 Federal Work-Study Program $583,268 - 0
84.007 Federal Supplemental Educational Opportunity Grants $450,867 - 0
84.425 Education Stabilization Fund $207,081 Yes 0
47.074 Biological Sciences $160,895 - 0
47.049 Mathematical and Physical Sciences $121,276 - 0
93.866 Aging Research $117,855 - 0
93.859 Biomedical Research and Research Training $114,708 - 0
45.163 Promotion of the Humanities_professional Development $111,345 - 0
93.865 Child Health and Human Development Extramural Research $90,388 - 0
12.900 Language Grant Program $69,350 - 0
45.160 Promotion of the Humanities_fellowships and Stipends $35,000 - 0
45.024 Promotion of the Arts_grants to Organizations and Individuals $30,000 - 0
43.001 Science $11,384 - 0
47.050 Geosciences $11,162 - 0
45.164 Promotion of the Humanities_public Programs $9,685 - 0

Contacts

Name Title Type
G4TUM6J1ZM24 Justin Cambridge Auditee
5087933497 Dean Geesler Auditor
No contacts on file

Notes to SEFA

Title: Note (4) Federal Perkins Loans Accounting Policies: Note (2) Summary of Significant Accounting Policies - The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting. De Minimis Rate Used: N Rate Explanation: Note (5) Indirect Cost Rate - The College has not elected to utilize the 10% deminimus indirect cost rate in Part 200.514 of the Uniform Guidance. The College administers the Federal Perkins Loan Program. The authority to award new loans to undergraduate students expired September 30, 2017 and no disbursements are permitted after June 30, 2018. The amount included on the schedule of expenditures of federal awards includes the outstanding balance as of June 30, 2021 of $3,687,553. The outstanding balance as of June 30, 2022 was $2,764,223.
Title: Note (3) Federal Direct Student Loan Program Accounting Policies: Note (2) Summary of Significant Accounting Policies - The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting. De Minimis Rate Used: N Rate Explanation: Note (5) Indirect Cost Rate - The College has not elected to utilize the 10% deminimus indirect cost rate in Part 200.514 of the Uniform Guidance. During the fiscal year ended June 30, 2022, the College processed $14,191,887 in new loans under the Federal Direct Student Loan Program (which includes Direct Parents Loans for Undergraduate Students).With respect to this program, the College is responsible only for the performance of certain administrative duties as part of the initial disbursement of the loans and, accordingly, these loan balances are not included in the Colleges financial statements. It is not practical to determine the balances of loans outstanding from students of the College under this program at June 30, 2022.
Title: Note (1) Definition of Reporting Entity Accounting Policies: Note (2) Summary of Significant Accounting Policies - The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting. De Minimis Rate Used: N Rate Explanation: Note (5) Indirect Cost Rate - The College has not elected to utilize the 10% deminimus indirect cost rate in Part 200.514 of the Uniform Guidance. The accompanying schedule of expenditures of federal awards presents all expenditures of federal award programs of the College of the Holy Cross (the College) during the year ended June 30, 2022.