Title: 1. Summary of Significant Accounting Policies
Accounting Policies: Basis of Presentation:
The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all federal award programs administered by Houghton University (the University), an entity as defined in Note 1 to the University’s consolidated financial statements (the financial statements). Federal awards received directly from federal agencies, as well as federal awards passed through from other entities, are included on the SEFA.
Basis of Accounting:
The University uses the accrual basis of accounting for federal programs consistent with the financial statements. The amounts reported as federal expenditures generally were obtained from the appropriate financial reports for the applicable programs and periods. The amounts reported in these financial reports are prepared from records maintained for each program, which are periodically reconciled to the University’s financial reporting system.
Indirect Costs:
Indirect costs and administrative allowances are set by federal awarding agencies based upon contractual rates. As such, the University does not apply the 10% de minimis rate permitted by the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Indirect Costs:
Indirect costs and administrative allowances are set by federal awarding agencies based upon contractual rates. As such, the University does not apply the 10% de minimis rate permitted by the Uniform Guidance.
Basis of Presentation:
The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all federal award programs administered by Houghton University (the University), an entity as defined in Note 1 to the University’s consolidated financial statements (the financial statements). Federal awards received directly from federal agencies, as well as federal awards passed through from other entities, are included on the SEFA.
Basis of Accounting:
The University uses the accrual basis of accounting for federal programs consistent with the financial statements. The amounts reported as federal expenditures generally were obtained from the appropriate financial reports for the applicable programs and periods. The amounts reported in these financial reports are prepared from records maintained for each program, which are periodically reconciled to the University’s financial reporting system.
Indirect Costs:
Indirect costs and administrative allowances are set by federal awarding agencies based upon contractual rates. As such, the University does not apply the 10% de minimis rate permitted by the Uniform Guidance.
Title: 2. Federal Perkins Loan Program
Accounting Policies: Basis of Presentation:
The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all federal award programs administered by Houghton University (the University), an entity as defined in Note 1 to the University’s consolidated financial statements (the financial statements). Federal awards received directly from federal agencies, as well as federal awards passed through from other entities, are included on the SEFA.
Basis of Accounting:
The University uses the accrual basis of accounting for federal programs consistent with the financial statements. The amounts reported as federal expenditures generally were obtained from the appropriate financial reports for the applicable programs and periods. The amounts reported in these financial reports are prepared from records maintained for each program, which are periodically reconciled to the University’s financial reporting system.
Indirect Costs:
Indirect costs and administrative allowances are set by federal awarding agencies based upon contractual rates. As such, the University does not apply the 10% de minimis rate permitted by the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Indirect Costs:
Indirect costs and administrative allowances are set by federal awarding agencies based upon contractual rates. As such, the University does not apply the 10% de minimis rate permitted by the Uniform Guidance.
The Federal Perkins Loan Program (Assistance Listing #84.038) is administered directly by the University and loan balances and transactions related to this program are included in the financial statements. As required by the Uniform Guidance, the amount shown on the Schedule is the balance of loans outstanding as of May 31, 2023. Payments, adjustments and other transactions for the year ended May 31, 2023 totaled $325,129. The total amount outstanding at May 31, 2024 was $229,959. No new Perkins loans were issued by the University for the year ended May 31, 2024.
Title: 3. Federal Direct Student Loans
Accounting Policies: Basis of Presentation:
The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all federal award programs administered by Houghton University (the University), an entity as defined in Note 1 to the University’s consolidated financial statements (the financial statements). Federal awards received directly from federal agencies, as well as federal awards passed through from other entities, are included on the SEFA.
Basis of Accounting:
The University uses the accrual basis of accounting for federal programs consistent with the financial statements. The amounts reported as federal expenditures generally were obtained from the appropriate financial reports for the applicable programs and periods. The amounts reported in these financial reports are prepared from records maintained for each program, which are periodically reconciled to the University’s financial reporting system.
Indirect Costs:
Indirect costs and administrative allowances are set by federal awarding agencies based upon contractual rates. As such, the University does not apply the 10% de minimis rate permitted by the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Indirect Costs:
Indirect costs and administrative allowances are set by federal awarding agencies based upon contractual rates. As such, the University does not apply the 10% de minimis rate permitted by the Uniform Guidance.
Total student loans guaranteed by the U.S. Department of Education issued through the University under Federal Direct Student Loans (Assistance Listing #84.268) for the year ended May 31, 2024 were as follows: Direct Subsidized Loans $2,175,835, Direct Unsubsidized Loans $1,007,472 and Direct PLUS Loans $865,938 totaling $4,049,245.