Title: (3) Federal Student Financial Aid Loan Programs
Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) includes the federal grant activities of The Trustees of Davidson College (the College) and is presented on the accrual basis of accounting. The information in the 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). The accompanying schedule of expenditures of state awards includes state grant activities of the College and is presented on accrual basis of accounting. Therefore, some amounts presented in the schedules may differ from amounts presented in, or used in the preparation of, the basic financial statements. Expenditures for student financial aid programs include the federal share of students’ Federal Supplemental Educational Opportunity Grant (FSEOG) program grants and Federal Work Study (FWS) program earnings, certain other federal financial aid for students, North Carolina State Contractual Scholarship funds, and administrative cost allowances, where applicable.
Expenditures for federal research and development programs are determined using the cost accounting principles and procedures set forth in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Under these cost principles, certain expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: For the year ended June 30, 2023, the College did not elect to apply the 10% De Minimus Indirect Cost Rate permitted by Uniform Guidance.
The College is responsible only for the performance of certain administrative duties with respect to its Direct Loan Programs, and accordingly, these loans are not included in its financial statements. It is not practical to determine the balance of the loans outstanding to students and former students of the College under these programs as of June 30, 2023.
Title: (4) Matching
Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) includes the federal grant activities of The Trustees of Davidson College (the College) and is presented on the accrual basis of accounting. The information in the 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). The accompanying schedule of expenditures of state awards includes state grant activities of the College and is presented on accrual basis of accounting. Therefore, some amounts presented in the schedules may differ from amounts presented in, or used in the preparation of, the basic financial statements. Expenditures for student financial aid programs include the federal share of students’ Federal Supplemental Educational Opportunity Grant (FSEOG) program grants and Federal Work Study (FWS) program earnings, certain other federal financial aid for students, North Carolina State Contractual Scholarship funds, and administrative cost allowances, where applicable.
Expenditures for federal research and development programs are determined using the cost accounting principles and procedures set forth in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Under these cost principles, certain expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: For the year ended June 30, 2023, the College did not elect to apply the 10% De Minimus Indirect Cost Rate permitted by Uniform Guidance.
Under the FWS program, the College matched $107,218 in compensation for the year ended June 30, 2023 in addition to the federal share of expenditures in the accompanying schedule of expenditures of federal awards.
Under the FSEOG program, the College matched $80,353 in funds awarded to students for the year ended June 30, 2023 in addition to the federal share of expenditures in the accompanying schedule of expenditures of federal awards.