Notes to SEFA
Title: Federal Direct Loan Programs
Accounting Policies: 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 auditee did not use the de minimis cost rate. The College has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
During the fiscal year ended June 30, 2022, the College issued new loans to students under the Federal Direct Loan Program (FDLP). The loan program includes subsidized and unsubsidized Stafford Loans, Parent Plus Loans and Plus Loans for Students. The value of loans issued for the FDLP is based on disbursed amounts. The loan amounts issued during the year are disclosed on the Schedule. The College is responsible for the performance of certain administrative duties with respect to the federally guaranteed student loan programs and, accordingly, balances and transactions relating to these loan programs are not included on the Colleges financial statements. Therefore, it is not practical to determine the balance of loans outstanding to students and former students of the College at June 30, 2022.
Title: Federal Perkins Loan Program
Accounting Policies: 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 auditee did not use the de minimis cost rate. The College has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The College administers the Federal Perkins Loan Program. During the year ended June 30, 2022, no new loans were made to students and no administrative cost allowance was disbursed from the Federal Perkins Loan Program. The outstanding balance of the loans as of June 30, 2022, was $1,869,554. In the current year, there was no federal capital contributions for the Federal Perkins Loan Program for Austin College, and accordingly, there was no match.
Title: Subrecipients
Accounting Policies: 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 auditee did not use the de minimis cost rate. The College has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
During the year ended June 30, 2022, the College did not provide any federal awards to subrecipients.
Title: Basis of Presentation
Accounting Policies: 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 auditee did not use the de minimis cost rate. The College has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Austin College (the College) under programs of the federal government for the year ended June 30, 2022. 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 Austin College, it is not intended to and does not present the financial position, changes in net assets or cash flows of Austin College.