Notes to SEFA
Title: Basis of Presentation and Significant Policies
Accounting Policies: The accompanying consolidated Schedule of Expenditures of Federal Awards (the “Schedule”) summarizes the expenditures of Dickinson College (the “College”) under programs of the federal government for the year ended June 30, 2023. The information presented in the Schedule is presented on the accrual basis of accounting, which is in accordance with Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the “Uniform Guidance”). Because the Schedule presents only the federal award activity of the College, it is not intended to and does not present the financial position, changes in net assets and cash flows of the College. Assistance listing numbers and pass-through numbers are provided when available.
The College has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. The College charges indirect costs in accordance with its approved negotiated indirect cost rate agreement (NICRA) in effect at the time expenses are incurred. The College’s cognizant federal agency for its NICRA is the Department of Health of Human Services. The College uses a salaries and wages exclusive of fringe benefits cost basis for calculating indirect costs. Additionally, the College did not pass through any federal funds to subrecipients for the year ended June 30, 2023 and thus this information is not applicable to the Schedule.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying consolidated Schedule of Expenditures of Federal Awards (the “Schedule”) summarizes the expenditures of Dickinson College (the “College”) under programs of the federal government for the year ended June 30, 2023. The information presented in the Schedule is presented on the accrual basis of accounting, which is in accordance with Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the “Uniform Guidance”). Because the Schedule presents only the federal award activity of the College, it is not intended to and does not present the financial position, changes in net assets and cash flows of the College. Assistance listing numbers and pass-through numbers are provided when available.
The College has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. The College charges indirect costs in accordance with its approved negotiated indirect cost rate agreement (NICRA) in effect at the time expenses are incurred. The College’s cognizant federal agency for its NICRA is the Department of Health of Human Services. The College uses a salaries and wages exclusive of fringe benefits cost basis for calculating indirect costs. Additionally, the College did not pass through any federal funds to subrecipients for the year ended June 30, 2023 and thus this information is not applicable to the Schedule.
Title: Federal Perkins Loan Program
Accounting Policies: The accompanying consolidated Schedule of Expenditures of Federal Awards (the “Schedule”) summarizes the expenditures of Dickinson College (the “College”) under programs of the federal government for the year ended June 30, 2023. The information presented in the Schedule is presented on the accrual basis of accounting, which is in accordance with Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the “Uniform Guidance”). Because the Schedule presents only the federal award activity of the College, it is not intended to and does not present the financial position, changes in net assets and cash flows of the College. Assistance listing numbers and pass-through numbers are provided when available.
The College has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. The College charges indirect costs in accordance with its approved negotiated indirect cost rate agreement (NICRA) in effect at the time expenses are incurred. The College’s cognizant federal agency for its NICRA is the Department of Health of Human Services. The College uses a salaries and wages exclusive of fringe benefits cost basis for calculating indirect costs. Additionally, the College did not pass through any federal funds to subrecipients for the year ended June 30, 2023 and thus this information is not applicable to the Schedule.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Federal Perkins Loan Program (the “Program”) listed subsequently is administered directly by the College and balances and transactions relating to the Program are included in the College's basic consolidated financial statements. Loans outstanding at the beginning of the year are included in the federal expenditures presented in the Schedule. The Program has been discontinued and therefore no disbursements were made in 2023. The balance of loans outstanding at June 30, 2023 is: SEE FINANCIAL STATEMENTS FOR TABLE.