Notes to SEFA
Title: LOANS OUTSTANDING
Accounting Policies: BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Knox College and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The College did not elect to use the de minimis rate of 10 percent for the year ended June 30, 2023.
The amount presented for the Federal Perkins Loans represents total loans outstanding at July 1, 2022, for which the U.S. Department of Education imposes continuing compliance requirements. As of June 30, 2023, loans outstanding totaled $860,823. Such amounts have been recorded net of an allowance of $69,283 in the College’s financial statements.
Title: Amounts required for Matching
Accounting Policies: BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Knox College and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The College did not elect to use the de minimis rate of 10 percent for the year ended June 30, 2023.
To comply with program requirements, amounts required to be expended from nonfederal sources have been excluded from reported expenditures. For June 30, 2023, the College’s portion of expenditures was as follows: Federal Work Study Program 84.033 $ 244,581
Title: Other Information
Accounting Policies: BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Knox College and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The College did not elect to use the de minimis rate of 10 percent for the year ended June 30, 2023.
Knox College did not receive any federal insurance or federal noncash assistance and did not provide any amounts to sub-recipients.