Notes to SEFA
Title: Federal Student Loan Programs
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Teachers College, Columbia University (the College) under programs of the federal government for the year ended August 31, 2023. 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). Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in preparation of, the Colleges financial statements. 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, or cash flows of the College. 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: Indirect costs are allocated to individual grants within the Schedule in accordance with the contractual provisions of each grant. Therefore, the College has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The College administers and accounts for all aspects of the Federal Perkins Loan and Nursing Student Loans program. Accordingly, the College’s basic financial statements include all activity related to these programs. Federal Perkins Loans outstanding at August 31, 2023 and 2022 were $695,646 and $1,151,397, respectively. Nursing Student Loans outstanding at August 31, 2023 and 2022 were $7,500, respectively. During the year ended August 31, 2023, there were $426,972 new loans made under the Nursing Faculty Loan Program (NFLP), and the loans outstanding at August 31, 2023 and 2022 were $2,244,443 and $1,891,040, respectively. During the year ended August 31, 2023, there were no loans made during the year or administrative costs under the Federal Perkins Loan Program and Nursing Student Loans, and there were no administrative costs under the Nursing Faculty Loan Program.
With respect to the Federal Direct Student Loans program, 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 College’s basic financial statements. It is not practical to
determine the balance of loans outstanding to students of the College under these programs at August 31, 2023. The schedule includes the amounts loaned to students during the year ended August 31, 2023.