Title: (1) Definition of Reporting Entity
Accounting Policies: The Schedule is presented on the accrual basis and in accordance with the provisions of Title 2 U.S. Code of Federal Regulations, Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The College has not elected to utilize the 10% deminimus indirect cost rate in Part 200.514 of the Uniform Guidance.
The accompanying supplementary schedule of expenditures of federal awards (the Schedule) presents all expenditures of federal award programs of Union College (the College) for the year ended June 30, 2023.
Title: (2) Basis of Presentation
Accounting Policies: The Schedule is presented on the accrual basis and in accordance with the provisions of Title 2 U.S. Code of Federal Regulations, Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The College has not elected to utilize the 10% deminimus indirect cost rate in Part 200.514 of the Uniform Guidance.
The Schedule is presented on the accrual basis and in accordance with the provisions of Title 2 U.S. Code of Federal Regulations, Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
Title: (3) Indirect Costs
Accounting Policies: The Schedule is presented on the accrual basis and in accordance with the provisions of Title 2 U.S. Code of Federal Regulations, Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The College has not elected to utilize the 10% deminimus indirect cost rate in Part 200.514 of the Uniform Guidance.
The College has not elected to utilize the 10% deminimus indirect cost rate in Part 200.514 of the Uniform Guidance.
Title: (4) Student Loan Programs
Accounting Policies: The Schedule is presented on the accrual basis and in accordance with the provisions of Title 2 U.S. Code of Federal Regulations, Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The College has not elected to utilize the 10% deminimus indirect cost rate in Part 200.514 of the Uniform Guidance.
Federal Perkins Loan Program
For the year ended June 30, 2023, the College did not make any loans or claim an administrative cost allowance under the Federal Perkins Loan Program. The outstanding balance of loans receivable under this program was $52,619 and $1,038,169 at June 30, 2023 and 2022, respectively. The funds reported on the Schedule include the June 30, 2022 outstanding loan balance. The College is continuing to service
loans under the Perkins programs, however no new loans were made subsequent to September 30, 2017.
Federal Direct Student Loan Program
For the year ended June 30, 2023, the College processed $8,891,853 of new loans under the Federal Direct Student Loan Program (which includes subsidized and unsubsidized Federal Stafford Loans and Federal Parents’ Loans for Undergraduate Students). With respect to the Federal Direct Student Loan
Program, the College is only responsible for the performance of certain administrative duties; therefore, the College’s financial statements do not include any amounts relative to these loans and it is not practical to determine outstanding loan balances.