Notes to SEFA
Title: Administrative Costs
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Russell Sage College and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the 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 minimis cost rate.
Administrative costs are included in the reported expenditures to the extent such costs are included in the federal financial reports used as the source for the data presented.
Title: FEDERAL PERKINS LOAN PROGRAM (FALN 84.038)
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Russell Sage College and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the 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 minimis cost rate.
The College participates in the Federal Perkins Loan Program. These loans were funded by federal expenditures and with principal and interest repaid to the College related to previous loans. The outstanding balance of loans receivable under this program was $162,719 at June 30, 2022. Internal control and compliance requirements associated with student Perkins loan repayments are performed by Educational Computer Systems, Inc., d/b/a ECSI, a third-party loan servicer. The entire expenditures figure on the Schedule of Expenditures of Federal Awards represents outstanding loans as of July 1, 2021. There were no new loans issued by the College under the Perkins Loan Program during the fiscal year ended June 30, 2022.
Title: FEDERAL DIRECT STUDENT LOANS (FALN 84.268)
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Russell Sage College and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the 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 minimis cost rate.
For the year ended June 30, 2022, the College processed $23,062,509 of new loans (net of origination fees), under the Federal Direct Student Loan Program which includes Subsidized Loans, Unsubsidized Loans, Graduate Loans, and Parent Loans.