Notes to SEFA
Title: NOTE B - STUDENT LOAN PROGRAMS
Accounting Policies: NOTE A - BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of Peirce College (the “College”) and is presented on the accrual basis of accounting. The
information in this schedule is presented in accordance with the requirements of Title 2, U.S. Code of Federal Regulations (“CFR”) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards (“Uniform Guidance”). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: NOTE C - INDIRECT COST RATE
Indirect costs allocated to federal awards are based on predetermined rates negotiated with the College’s cognizant federal agency. The College has elected not to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
Federal loans issued to students of the College by the Federal Department of Education during the year ended June 30, 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 financial statements, and it is not practical 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 June 30, 2024 are summarized as follows: Assistance
Listing Number 84.268 Federal Direct Student Loans (Subsidized and Unsubsidized Stafford) $7,469,913 plus Assistance Listing Number 84.268 FDL Parent Loans for Undergraduate Students (PLUS) $16,999 Total Federal Direct Student Loans $ 7,486,912