Title: Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Williams College (the "College") under programs of the federal government for the year ended June 30, 2023. 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 selected portion of the operations of the College, it is not intended to and does not present its financial position, changes in net assets or cash flows.
De Minimis Rate Used: N
Rate Explanation: The approved facilities and administrative cost rate used for the Research and Development cluster of programs during the year ended June 30, 2023 is 50.8% of Modified Total Direct Costs (MTDC). This rate is in effect through June 30, 2026. Prior to FY23, the rate had been 62.5% of salaries & wages, and will remain in effect on those grants until they expire. The College uses this predetermined approved facilities and administration cost rate when charging indirect costs to federal awards rather than the 10 percent de minimis indirect cost rate as described in Section 200.414 of the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Williams College (the "College") under programs of the federal government for the year ended June 30, 2023. 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 selected portion of the operations of the College, it is not intended to and does not present its financial position, changes in net assets or cash flows.
Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Williams College (the "College") under programs of the federal government for the year ended June 30, 2023. 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 selected portion of the operations of the College, it is not intended to and does not present its financial position, changes in net assets or cash flows.
De Minimis Rate Used: N
Rate Explanation: The approved facilities and administrative cost rate used for the Research and Development cluster of programs during the year ended June 30, 2023 is 50.8% of Modified Total Direct Costs (MTDC). This rate is in effect through June 30, 2026. Prior to FY23, the rate had been 62.5% of salaries & wages, and will remain in effect on those grants until they expire. The College uses this predetermined approved facilities and administration cost rate when charging indirect costs to federal awards rather than the 10 percent de minimis indirect cost rate as described in Section 200.414 of the 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
Title: Federal Perkins Loan Program (Assistance Listing Number 84.038)
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Williams College (the "College") under programs of the federal government for the year ended June 30, 2023. 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 selected portion of the operations of the College, it is not intended to and does not present its financial position, changes in net assets or cash flows.
De Minimis Rate Used: N
Rate Explanation: The approved facilities and administrative cost rate used for the Research and Development cluster of programs during the year ended June 30, 2023 is 50.8% of Modified Total Direct Costs (MTDC). This rate is in effect through June 30, 2026. Prior to FY23, the rate had been 62.5% of salaries & wages, and will remain in effect on those grants until they expire. The College uses this predetermined approved facilities and administration cost rate when charging indirect costs to federal awards rather than the 10 percent de minimis indirect cost rate as described in Section 200.414 of the Uniform Guidance.
The Federal Perkins Loan balance outstanding at June 30, 2023 was $465,427
Title: Federal Student Loans
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Williams College (the "College") under programs of the federal government for the year ended June 30, 2023. 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 selected portion of the operations of the College, it is not intended to and does not present its financial position, changes in net assets or cash flows.
De Minimis Rate Used: N
Rate Explanation: The approved facilities and administrative cost rate used for the Research and Development cluster of programs during the year ended June 30, 2023 is 50.8% of Modified Total Direct Costs (MTDC). This rate is in effect through June 30, 2026. Prior to FY23, the rate had been 62.5% of salaries & wages, and will remain in effect on those grants until they expire. The College uses this predetermined approved facilities and administration cost rate when charging indirect costs to federal awards rather than the 10 percent de minimis indirect cost rate as described in Section 200.414 of the Uniform Guidance.
The federal student loan programs, Federal Direct Student Loans (Assistance Listing Number 84.268) and Federal Direct Parent Loans for Undergraduate Students (PLUS) (Assistance Listing Number 84.268), are administered directly by the College, and balances and transactions relating to these programs are not included in the College's basis consolidated financial statements. The College is responsible only for the performance of certain administrative duties with respect to the programs above and, accordingly, balances and transactions relating to the programs are not included in the College's consolidated financial statements.
Title: Facilities and Administrative Cost Recoveries
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Williams College (the "College") under programs of the federal government for the year ended June 30, 2023. 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 selected portion of the operations of the College, it is not intended to and does not present its financial position, changes in net assets or cash flows.
De Minimis Rate Used: N
Rate Explanation: The approved facilities and administrative cost rate used for the Research and Development cluster of programs during the year ended June 30, 2023 is 50.8% of Modified Total Direct Costs (MTDC). This rate is in effect through June 30, 2026. Prior to FY23, the rate had been 62.5% of salaries & wages, and will remain in effect on those grants until they expire. The College uses this predetermined approved facilities and administration cost rate when charging indirect costs to federal awards rather than the 10 percent de minimis indirect cost rate as described in Section 200.414 of the Uniform Guidance.
The approved facilities and administrative cost rate used for the Research and Development cluster of programs during the year ended June 30, 2023 is 50.8% of Modified Total Direct Costs (MTDC). This rate is in effect through June 30, 2026. Prior to FY23, the rate had been 62.5% of salaries & wages, and will remain in effect on those grants until they expire. The College uses this predetermined approved facilities and administration cost rate when charging indirect costs to federal awards rather than the 10 percent de minimis indirect cost rate as described in Section 200.414 of the Uniform Guidance.
Title: Federal Emergency Management Agency (FEMA) Public Assistance
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Williams College (the "College") under programs of the federal government for the year ended June 30, 2023. 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 selected portion of the operations of the College, it is not intended to and does not present its financial position, changes in net assets or cash flows.
De Minimis Rate Used: N
Rate Explanation: The approved facilities and administrative cost rate used for the Research and Development cluster of programs during the year ended June 30, 2023 is 50.8% of Modified Total Direct Costs (MTDC). This rate is in effect through June 30, 2026. Prior to FY23, the rate had been 62.5% of salaries & wages, and will remain in effect on those grants until they expire. The College uses this predetermined approved facilities and administration cost rate when charging indirect costs to federal awards rather than the 10 percent de minimis indirect cost rate as described in Section 200.414 of the Uniform Guidance.
The College has received reimbursement of certain expenses related to the COVID-19 pandemic under FEMA Public Assistance, through the Commonwealth of Massachusetts (Assistance Listing Number 97.036). Expenditures are and will be reflected in the Schedule in the year in which a project application is obligated. The Schedule thus includes $5,421,544 of expenditures in fiscal years 2021 to 2022, which were obligated in fiscal year 2023.