Notes to SEFA
Title: Federal Student Loan Programs
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal award programs of Elmira College (the College). 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, activities, and change in net assets of the College.
For the 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 federal awards passed through other agencies. Student financial aid includes certain awards to provide financial assistance to students, primarily under the Federal Work-Study, Pell Grant, and Supplemental Educational Opportunity Grant programs of the Department of Education. The College also receives awards to make loans to eligible students under certain federal student loan programs and federally guaranteed loans are issued to students of the College by the federal government. These loans are considered for the purposes of determining whether student financial aid is a major or nonmajor program.
This Schedule has been prepared in accordance with accounting principles generally accepted in the United States of America and 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).
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 as allowed under the Uniform Guidance.
The Perkins Loan program is administered directly by the College and balances and transactions relating to this program are included in the College’s financial statements. The gross balance of loans outstanding under the Perkins program was $1,275,736 at June 30, 2023.