Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal Awards are presented on the accrual basis of accounting. Such expenditures are reported following the cost principles contained in 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 elected not to use the option of the 10% de minimis indirect cost rate. The College uses a rate of 40.00% of modified total direct costs (MTDC), which is negotiated with the Department of Health and Human Services. The rate expires on June 30, 2025.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes all
federal grant activity of Agnes Scott College (the “College”) under programs of the federal
government for the year ended June 30, 2024. The information in this Schedule is presented in
accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform
Cost Administrative Requirements, Cost Principles, and Audit Requirements of Federal Awards
(Uniform Guidance). Because the Schedule presents only a selected portion of the operations of
Agnes Scott College, it is not intended to and does not present the financial position, changes in
net assets or cash flows of the College.
Title: FEDERAL DIRECT STUDENT LOAN PROGRAM (FDSLP)
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal Awards are presented on the accrual basis of accounting. Such expenditures are reported following the cost principles contained in 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 elected not to use the option of the 10% de minimis indirect cost rate. The College uses a rate of 40.00% of modified total direct costs (MTDC), which is negotiated with the Department of Health and Human Services. The rate expires on June 30, 2025.
The College is responsible only for the performance of certain loan origination administrative
duties with respect to the FDSL program and accordingly, these loans are not included in the
College’s consolidated 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 as of
June 30, 2024. During the fiscal year ended June 30, 2024, the College processed the following
amounts of new loans under the Federal Direct Student Loan Program:
Federal Direct Subsidized Stafford Loans $ 1,743,733
Federal Direct Unsubsidized Stafford loans 4,209,924
Federal PLUS Loans 3,689,514
$ 9,643,171