Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of Vassar College (the College) for the year ended June 30, 2022 and is presented on the accrual basis of accounting. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a select 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. Therefore, some amounts presented in this 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 have been incurred and are allowable. The College has not elected to utilize the 10% deminimus indirect cost rate in Part 200.514 of the Uniform Guidance.
Federal Direct Loan Program (Assistance Listing Number 84.268)Federally-guaranteed loans distributed to students of the College through the Federal Direct Loan Program during the year ended June 30, 2022 totaled $7,863,503. These distributions and related funding sources are not included in the Colleges financial statements. Federal Perkins Loan Program (Assistance Listing Number 84.038)The federal student loan program listed below is administered directly by the College, and balances and transactions relating to this program are included in the Colleges financial statements. Loan activities and balances consist of the following: (SEE THE NOTES TO THE SEFA FOR THE CHART/TABLE). There were no new federal capital contributions to this Perkins Loan Program during the year ended June 30, 2022.