Notes to SEFA
Title: 3
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Hiram College (College) under programs of the federal government for the year ended
June 30, 2023. The accompanying notes are an integral part of this Schedule. The information in this 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 the financial position, changes in net assets or cash flows of the College. 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 College has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The federal loan program listed subsequently is administered directly by the College and balances and transactions relating to this program are included in the College’s consolidated financial statements. Loans outstanding at the beginning of the year are included in the federal expenditures presented in
the Schedule. There were no loans made during the year. The balance of loans outstanding at June 30, 2023, consists of: 84.038 Federal Perkins Loan Program $2,265,650
Title: 4
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Hiram College (College) under programs of the federal government for the year ended
June 30, 2023. The accompanying notes are an integral part of this Schedule. The information in this 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 the financial position, changes in net assets or cash flows of the College. 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 College has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The amount considered expended for the Ohio Energy Loan on the Schedule equals the beginning balance of the loan as there were no new loans made or received during the year. The College is currently paying the loan back and at June 30, 2023, the balance of the loan is $2,527,850.