Notes to SEFA
Title: FEDERAL PERKINS LOAN PROGRAM (CFDA 84.038)
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant expenditures of Skidmore College for the year ended May 31, 2024 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.
De Minimis Rate Used: N
Rate Explanation: For the year ended May 31, 2024, Skidmore College did not elect to use the 10% de minimis indirect cost rate.
Skidmore College participates in the Federal Perkins Loan Program. The outstanding balance of loans receivable under this program was $262,383 at May 31, 2024. 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 June 1, 2023. There were no new loans issued by the College under the Perkins Loan Program during the fiscal year ended May 31, 2024.
Title: FEDERAL DIRECT STUDENT LOANS (CFDA 84.268)
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant expenditures of Skidmore College for the year ended May 31, 2024 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.
De Minimis Rate Used: N
Rate Explanation: For the year ended May 31, 2024, Skidmore College did not elect to use the 10% de minimis indirect cost rate.
For the year ended May 31, 2024, Skidmore College processed $8,690,111 of new loans (net of origination fees), under the Federal Direct Student Loan Program which includes Subsidized Loans, Unsubsidized Loans, and Parent Loans for Undergraduate Students.