Notes to SEFA
Title: Note 1 – Basis of Presentation
Accounting Policies: Note 2 – Summary of Significant Accounting Policies
Expenditures reported on 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 allowed or are limited as to reimbursement. Pass-through entity
identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Occidental College (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 Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
Because it 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.
Title: Note 3 – Federal Student Loan Programs
Accounting Policies: Note 2 – Summary of Significant Accounting Policies
Expenditures reported on 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 allowed or are limited as to reimbursement. Pass-through entity
identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10 percent de minimis indirect cost rate as allowed under 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 consolidated financial statements. The balance of loans at the beginning of the year and loans made during the year are
included in the federal expenditures presented in the Schedule. The balance of loans outstanding at June 30, 2023, consists of: (See Notes to SEFA - Note 3 for included table)