Notes to SEFA
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. Negative amounts, when applicable, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Lafayette College has elected not to use the 10-percent de Minimis indirect cost rate allowed under the Uniform Guidance.
The purpose of the schedule of expenditures of federal awards (the “Schedule”) is to present a summary of those activities of Lafayette College (the “College”) that have been financed by the U.S. government (federal awards). Federal awards received directly from federal agencies are included in the Schedule, as are federal guaranteed loans disbursed by other sources. Additionally, all federal awards passed through from other entities have been included in the Schedule. The College is required to match certain grant agreements, as defined in the grants, and these matching amounts are not included in the Schedule. The Schedule is presented using the accrual basis of accounting. The information in the Schedule is presented in accordance with the requirements of 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
Title: FEDERAL DIRECT STUDENT 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. Negative amounts, when applicable, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Lafayette College has elected not to use the 10-percent de Minimis indirect cost rate allowed under the Uniform Guidance.
In relation to the Federal Direct Student Loan Program, the College is responsible only for the performance of certain administrative duties; therefore, the program’s balance of loans outstanding and related transactions are not included in the College’s financial statements. It is not practicable to determine the balance of loans outstanding to students of the College under this program at June 30, 2023. The Schedule includes the amounts loaned to students during the year ended June 30, 2023.