Title: (1) Definition of Reporting Entity
Accounting Policies: The Schedule is presented on the accrual basis of accounting and in accordance with and the requirements of U.S. Code of Federal Regulations 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Administrative costs are included in the reported expenditures to the extent such costs are included in the federal financial reports used as the source for the data presented. The College has not elected to utilize the 10% de minimus indirect cost rate in Part 200.514 of the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents all expenditures of federal award programs of Siena College (the College) during the year ended May 31, 2023.
Title: (2) Basis of Accounting
Accounting Policies: The Schedule is presented on the accrual basis of accounting and in accordance with and the requirements of U.S. Code of Federal Regulations 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Administrative costs are included in the reported expenditures to the extent such costs are included in the federal financial reports used as the source for the data presented. The College has not elected to utilize the 10% de minimus indirect cost rate in Part 200.514 of the Uniform Guidance.
The Schedule is presented on the accrual basis of accounting and in accordance with and the requirements of U.S. Code of Federal Regulations 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Title: (3) Administrative Costs
Accounting Policies: The Schedule is presented on the accrual basis of accounting and in accordance with and the requirements of U.S. Code of Federal Regulations 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Administrative costs are included in the reported expenditures to the extent such costs are included in the federal financial reports used as the source for the data presented. The College has not elected to utilize the 10% de minimus indirect cost rate in Part 200.514 of the Uniform Guidance.
Administrative costs are included in the reported expenditures to the extent such costs are included in the federal financial reports used as the source for the data presented. The College has not elected to utilize the 10% de minimus indirect cost rate in Part 200.514 of the Uniform Guidance.
Title: (4) Student Loan Programs
Accounting Policies: The Schedule is presented on the accrual basis of accounting and in accordance with and the requirements of U.S. Code of Federal Regulations 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Administrative costs are included in the reported expenditures to the extent such costs are included in the federal financial reports used as the source for the data presented. The College has not elected to utilize the 10% de minimus indirect cost rate in Part 200.514 of the Uniform Guidance.
Federal Perkins Loan Program
For the year ended May 31, 2023, the College did not issue any loans under the Federal Perkins Loan Program and no administrative cost allowance was claimed. The outstanding balance of loans outstanding at May 31, 2023 and 2022 were $464,838 and $783,925, respectively. The expended funds reported on the Schedule represents the May 31, 2021 outstanding loan balance.
Federal Direct Student Loan Program
During the year ended May 31, 2023, the College processed $24,049,917 of new loans under the Federal Direct Student Loan Program (which includes subsidized and unsubsidized Direct Loans, Direct Parents’ Loans for Undergraduate Students, and Direct Parents’ Loans for Graduate Students). With respect to the Federal Direct Student Loan Program, the College is only responsible for the performance of certain administrative duties; therefore, the College’s financial statements do not include any amounts relative to these loans. The cumulative amount of total loans guaranteed and outstanding at May 31, 2023 is undeterminable.