Audit 313435

Title: Loan/loan guarantee outstanding balances Accounting Policies: The accompanying supplementary schedule of expenditures of federal awards (the Schedule) includes thefederal grant activity of Champlain College Incorporated and is presented on the accrual basis ofaccounting. Because the Schedule presents only a selected portion of the operations of the College, it isnot intended to and does not present the financial position, changes in net assets or cash flows of theCollege. The information in the Schedule is presented in accordance with the requirements of Title 2U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Costs Principles, andAudit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in theSchedule may differ from amounts presented in, or used in the preparation of, the consolidated financialstatements. De Minimis Rate Used: Y Rate Explanation: For federal awards, the College has obtained predetermined facilities and administrative cost rates forfiscal year 2022, which have been reviewed and approved by the U.S. Department of Health and HumanServices, the Colleges federal oversight agency. The on-campus rate was 40.5% and the off-campus ratewas 23.1% for the fiscal year ending June 30, 2022. Both rates use the Uniform Guidances SimplifiedMethod and Modified Total Direct Cost as a base. Congress did not renew the Federal Perkins Loan Program after September 2017 and the transition period permitting disbursements ended June 30, 2018. Therefore, no new loans have been awarded after September 2017 and the College will continue to service outstanding loans throughout the repayment period. For the year ended June 30, 2022, the College did not recover an administrative allowance under the Federal Perkins Loan Program. The loan receivable balance from students under the Federal Perkins Loan Program was $713,628 and $1,215,467 at June 30, 2022 and 2021.During the year ended June 30, 2022, $25,087,237 was advanced under the Federal Direct Student Loan Program. The College is responsible only for the performance of certain administrative duties and, accordingly, these loan balances are not included in the Colleges consolidated financial statements. It is not practical to determine the balances of loans outstanding from students of the College under this program as of June 30, 2022.