Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying supplementary schedule of expenditures of federal awards (the Schedule) summarizes the expenditures of Middlebury under federal government programs for the year ended June 30, 2022 using the accrual basis of accounting and in accordance with the provisions of the audit 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). The Schedule includes the expenditures of Middleburys two campuses: Middlebury College and the Middlebury Institute of International Studies. For purposes of the Schedule, and except as noted below, federal awards include all grants, contracts and similar agreements entered into directly between Middlebury and agencies and departments of the federal government and all subawards to Middlebury by nonfederal organizations pursuant to federal grants, contracts and similar agreements. Grants made from Middlebury to other organizations are shown separately on the Schedule as passed through to subrecipients.Facilities and administrative costs are charged to federal grants and contracts at predetermined rates. Theapproved facilities and administrative cost rate for the Middlebury campus for the period July 1, 2021through June 30, 2025 was 61%. The Middlebury Institute of International Studies campus had a separaterate for the period July 1, 2021 through June 30, 2025 of 51%. Both rates are based on a percentage ofdirect payroll. Facilities and administrative cost recoveries are reported as part of federal expenditures.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Federal Direct Loan ProgramFederally guaranteed loans issued to students of Middlebury under the Federal Direct Loan Program during the year ended June 30, 2022 amounted to $13,993,105 and federally guaranteed loans issued to parents of students of Middlebury under the PLUS Loan Program during the year ended June 30, 2022 amounted to $1,982,220. Middlebury is responsible only for the performance of certain administrative duties withrespect to the programs and, accordingly, balances and transactions relating to them are not included in the Middleburys consolidated financial statements.Federal Perkins Loan ProgramOutstanding balance as of June 30, 2021 $3,746,811 and outstanding balance as of June 30, 2022 $2,984,232. No disbursement in fiscal 2022.There were no new federal capital contributions during the year ended June 30, 2022.The College did not receive an allowance for administrative costs for the Perkins Loan Program or for the Federal Work Study Program.