Notes to SEFA
Title: Federal Direct 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.
De Minimis Rate Used: N
Rate Explanation: The College did not elect to use the 10% de minimus indirect cost rate.
The College is responsible only for the performance of certain administrative duties with respect to its Federal Direct Loan programs and, accordingly, these loans are not included in its financial statements. It is not practicable to determine the balance of loans outstanding to students and former students of the College under these programs as of June 30, 2024.
Title: Federal Student Loan Programs
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.
De Minimis Rate Used: N
Rate Explanation: The College did not elect to use the 10% de minimus indirect cost rate.
The federal student loan programs listed below are administered directly by the College, and balances and transactions relating to these programs are included in the College's basic financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balances of loans outstanding at June 30, 2024 were:
Title: Higher Education Institutional Aid Endowment
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.
De Minimis Rate Used: N
Rate Explanation: The College did not elect to use the 10% de minimus indirect cost rate.
As part of its Higher Education Institutional Aid grant, the College was authorized to create an endowment fund using federal grant proceeds together with required matching contributions to be held for a period of 20 years. The balance of federal awards included in the endowment fund was $2,000,000, which is included in the federal expenditures presented in the Schedule.