Notes to SEFA
Title: FEDERAL LOAN PROGRAM
Accounting Policies: The accompanying Supplementary Schedule of Expenditures of Federal Awards includes the federal grant transactions of Rose-Hulman Institute of Technology, Inc. (the “Institute”). The accompanying notes are an integral part of this Schedule. 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 Institute, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Institute. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in OMB A-21 or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Institute has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
During the fiscal year ended June 30, 2024, the Institute did not process any loans under the Perkins Loan Program (CFDA Number 84.038) due to the discontinuation of the program. At June 30, 2024, loans outstanding under the Perkins Loan Program were $1,018,767. Perkins loans outstanding at June 30, 2024, reflect both the federal government contribution and the Institute’s matching portion.
Title: SUBRECIPIENTS
Accounting Policies: The accompanying Supplementary Schedule of Expenditures of Federal Awards includes the federal grant transactions of Rose-Hulman Institute of Technology, Inc. (the “Institute”). The accompanying notes are an integral part of this Schedule. 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 Institute, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Institute. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in OMB A-21 or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Institute has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Institute provided no federal awards to subrecipients for the fiscal year ended June 30, 2024.