Notes to SEFA
Title: FEDERAL STUDENT LOAN PROGRAMS
Accounting Policies: This Schedule has been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and 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).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 allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Perkins Loan program is administered directly by the Colleges and balances and transactions relating to this program are included in the Colleges’ financial statements. The net balance of loans outstanding under the Perkins program was $572,326 at June 30, 2023. The Perkins Loan Program was terminated effective June 30, 2018 and no additional loans will be distributed.
Title: GENERAL
Accounting Policies: This Schedule has been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and 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).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 allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal award programs of Hobart and William Smith Colleges (the Colleges). Because the Schedule presents only a selected portion of the operations of the Colleges, it is not intended, and does not, present the financial position or changes in net assets and activities of the Colleges. For the purposes of the Schedule, federal awards include all grants, contracts, and similar agreements entered into directly between the Colleges and agencies and departments of the federal government as well as federal awards passed through other agencies. Student financial aid includes certain awards to provide financial assistance to students, primarily under the Federal Work-Study, Pell Grant and Supplemental Educational Opportunity Grant
programs of the Department of Education. The Colleges also receive awards to disburse to eligible students under certain federal student loan programs and federally guaranteed loans are issued to students of the Colleges by the Federal government. These loans are considered for the purposes of determining whether student financial aid is a major or nonmajor program.