Notes to SEFA
Title: Federal Perkins Loan Program
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Gettysburg College (the College) under programs of the federal government for the year ended May 31, 2024. 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). Because the Schedule presents only a selected portion of the operations of the College, it is not intended to and does not present the consolidated 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: The College has a negotiated 56% indirect cost rate for on campus and a 26.74% indirect cost rate for off campus which is in effect until May 31, 2027. The College has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The College administers the Federal Perkins Loan Program; accordingly, the College’s basic consolidated financial statements include the Federal Perkins Loan net assets and transactions. The balance of Federal Perkins loans outstanding as of May 31, 2024 was $293,937. The amount presented on the Schedule is the beginning balance of the loans outstanding. There were no loans issued or administrative costs incurred during the fiscal year ended May 31, 2024.
Title: Federal Direct Loans
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Gettysburg College (the College) under programs of the federal government for the year ended May 31, 2024. 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). Because the Schedule presents only a selected portion of the operations of the College, it is not intended to and does not present the consolidated 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: The College has a negotiated 56% indirect cost rate for on campus and a 26.74% indirect cost rate for off campus which is in effect until May 31, 2027. The College has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Federal loans issued to students of the College by the Federal Department of Education during the year ended May 31, 2024 are shown on the Schedule. The College is responsible only for the performance of certain administrative duties with respect to the Direct Loans and, accordingly, these loans are not included in the College’s consolidated financial statements, and it is not practicable to determine the balance of loans outstanding to students and former students of the College under these programs.
Federally guaranteed loans distributed to students of the College through the Federal Direct Student Loans Program during the year ended May 31, 2024 are summarized as follows: Federal Direct Student Loans (Subsidized and Unsubsidized Stafford) Assistance Listing Number 84.268 Disbursement $7,747,235; FDL Parent Loans for Undergraduate Students (PLUS) Assistance Listing Number 84.268 Disbursement $5,172,918; Total Federal Direct Student Loans Disbursement $12,920,153