Title: Basis of Presentation
Accounting Policies: The SEFA was prepared using the accrual basis of accounting.
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, instead the College utilizes their federally approved rate.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) has been prepared using the accrual basis of accounting. The purpose of the Schedule is to present a summary of the expenditures of Smith College (the “College”) under programs of the federal government for the year ended June 30, 2023. 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 and revenues and expenditures of the College.
For purposes of the Schedule, federal awards include all grants, contracts and similar agreements entered into directly between the College and agencies and departments of the federal government, as well as all sub-awards to the College by nonfederal organizations pursuant to federal grants, contracts and similar agreements.
Title: Federal Perkins Loan Program
Accounting Policies: The SEFA was prepared using the accrual basis of accounting.
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, instead the College utilizes their federally approved rate.
During the year ended June 30, 2023, no loans were advanced under the Federal Perkins Loan Program and the administrative cost allowance claimed was $0. As of June 30, 2023 and 2022, loan balances receivable under the program were $494,084 and $552,179, respectively.
Title: Federal Direct Loan Program
Accounting Policies: The SEFA was prepared using the accrual basis of accounting.
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, instead the College utilizes their federally approved rate.
During the year ended June 30, 2023, the College processed $10,636,681 of new loans under the Federal Direct Loan Program.
With respect to the Federal Direct Loan Program, the College is responsible only for the performance of certain administrative duties as part of the initial disbursement of the loans and, accordingly, these loans are not included in the College’s financial statements. It is not practical to determine the balances of loans outstanding to students of the College under this program at June 30, 2023.
Title: Indirect Costs
Accounting Policies: The SEFA was prepared using the accrual basis of accounting.
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, instead the College utilizes their federally approved rate.
The College has not elected to utilize the 10% deminimus indirect cost rate in Part 200.514 of the Uniform Guidance, instead the College utilizes their federally approved rate.
Title: Federal Emergency Management Agency (FEMA) Public Assistance
Accounting Policies: The SEFA was prepared using the accrual basis of accounting.
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, instead the College utilizes their federally approved rate.
The College applied for reimbursement of certain expenses related to the COVID-19 pandemic under Assistance Listing #97.036, FEMA Public Assistance through the
commonwealth of Massachusetts. Expenditures are reflected in the Schedule in the year in which a project application is obligated. The Schedule thus includes $6,389,910 of
expenditures incurred in fiscal years 2020, 2021 and 2022, which were obligated in fiscal year 2023 and represents a reconciling item between the federal expenses in the College’s
consolidated financial statements and the amount included on the Schedule.