Notes to SEFA
Title: Administrative Costs
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Russell Sage College and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance.Therefore, someamounst presented in this schedule may differ from amounts presented in or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate.
Administrative costs are included in the reported expenditures to the extent such costs are included in the federal financial reports used as the source for the data presented.
Title: Federal Direct Student Loans (FALN 84.268)
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Russell Sage College and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance.Therefore, someamounst presented in this schedule may differ from amounts presented in or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate.
For the year ended June 30, 2024, the College processed $23,503,764 of new loans (net of origination fees), under the Federal Direct Student Loan Program which includes Subsidized Loans, Unsubsidized Loans, Graduate Loans, and Parent Loans.
Title: Federal Perkins Loan Program (FALN 84.038)
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Russell Sage College and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance.Therefore, someamounst presented in this schedule may differ from amounts presented in or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate.
The College participates in the Federal Perkins Loan Program. These loans were funded by federal expenditures and with principal and interest repaid to the College related to previous loans. There were no new loans issued by the College under the Perkins Loan Program during the fiscal year ended June 30, 2024. As of June 30, 2024 the College has effectively liquidated its Perkins Loan program and has assigned any remaining loans to the U.S. Department of Education. Any unassigned loans as of June 20, 2024 have been purchased from the U.S. Department of Education and the final closeout is in process. Purchased loans are considered uncollectible and have been fully written off.