Notes to SEFA
Title: Federal Loan Programs
Accounting Policies: Expenditures recognized in 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: Coe College has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The Federal Perkins Loan Program expired on September 30, 2017. As such, there were no Federal Perkins loans issued during the year. Federal Perkins loans outstanding as of June 30, 2022 were $2,922,057. In the current year, there was no federal capital contribution for the Federal Perkins Loan Program for the College, and accordingly, there was no match. During the fiscal year ended June 30,2022, the College issued new loans to students under the Federal Direct Student Loan Program (FDLP). The loan program includes unsubsidized Stafford Loans, Parent PLUS Loans, and PLUS Loans for graduate students. The value of loans issued for the FDLP is based on disbursed amounts. The loan amounts issued during the year are disclosed on the Schedule. The College is responsible only for the performance of certain administrative duties with respect to the federally guaranteed student loan programs and, accordingly, balances and transactions relating to these loan programs are not included in the Colleges basic financial statements. Therefore, it is not practicable to determine the balance of loans outstanding to students and former students of the College at June 30,2022.
Title: Basis of Presentation
Accounting Policies: Expenditures recognized in 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: Coe College has not elected to use the 10% de minimis 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 Coe College (the College) under programs of the federal government for the year ended June 30, 2022. The information in the Schedule is presented in accordance with the 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 assets or cash flows of the College.The College includes loans granted under the Federal Perkins Loan Program and Federal Direct Student Loan Program as expenditures of federal awards.