Title: Note 1 - BASiS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Barnard College (the College) and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the provisions of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirement for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Barnard College (the “College”) and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the provisions of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirement for Federal Awards (“Uniform Guidance”). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Title: NOTE 2 - STUDENT LOAN PROGRAMS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Barnard College (the College) and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the provisions of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirement for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate.
With respect to the Federal Direct Student Loan Programs (Assistance Listing Number 84.268) (including Federal Stafford Student Loans and Federal PLUS Loans), the College is responsible only for the performance of certain administrative duties. Therefore, the balances of loans outstanding and transactions related to these programs are not included in the Colleges basic financial statements. It is not practical to determine the balance of loans outstanding to students of the College under those programs at June 30, 2023. The federal student loan program listed below is administered directly by the College, and balances and transactions relating to this program are included in the Colleges financial statements. Loan activities and balances consist of the following: Perkins Loan Program (Assistance Living Number 84.038) Balance as of July 1, 2022: $344,321 Loans Issued: $0 Payment Received: $(74,634) Balance as of June 30, 2023: $269,687
Title: NOTE 3 - INDIRECT COST RATE
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Barnard College (the College) and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the provisions of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirement for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate.
Indirect costs allocated to such awards for the year ended June 30, 2023, were based on predetermined rates negotiated with the College’s cognizant federal agency, the U.S. Department of Health and Human Services (“DHHS”). In addition, the College has not elected to use the 10% de minimus cost rate as provided by 2 C.F.R. §200.414 Indirect (F&A) costs.