Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The College has elected not to use the 10‐percent de minimis indirect cost rate allowed under the Uniform Guidance.
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 Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of Colby College and subsidiaries (the “College”) under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented in accordance with the requirements of the 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 a selected portion of the operations of the College, it is not intended to and does not present the consolidated financial position, changes in net assets or statements of cash flows of the College.
The College includes loans granted under the Federal Perkins Loans Program and Federal Direct Student Loans Program as expenditures of Federal Awards.
Title: Federal Student Loan Programs
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The College has elected not to use the 10‐percent de minimis indirect cost rate allowed under the Uniform Guidance.
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 student loan program listed subsequently is administered directly by the College and balances and transactions relating to this program are included in the College’s basic consolidated financial statements. Loans outstanding at the beginning of the year and loans made during the year would be included in the federal expenditures presented in the Schedule. The balance of loans outstanding at June 30, 2023 consists of: SEE FINANCIAL STATEMENTS FOR TABLE. The Federal Perkins Loans Program (the “Program”) expired in a prior year and the College will continue to administer the Program through final liquidation. The College will continue to monitor the Federal Share of the College’s Federal Perkins Revolving Loan Fund for return upon the Program’s final liquidation, in accordance with statutory requirements.