Title: LOANS OUTSTANDING
Accounting Policies: BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Curry 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform
Guidance). Because the Schedule presents only a selected portion of the operations of the College, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the College.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
During the year ended May 31, 2024, the College processed $15,568,793 of new loans under the Federal Direct Student Loan Program (Direct Loan). The College is responsible only for the performance of certain administrative duties with respect to the Direct Loan Program and, accordingly, the value of these loans is not reflected in the College’s basic financial statements. It is not practical to determine the balance of loans outstanding to
students of the College under this program.
Loans listed subsequently 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 balance of loans outstanding at May 31, 2024, consists of:
Federal Perkins Loan Program (Federal Assistance Listings Number #84.038)
Loans Outstanding at May 31, 2023 $ 32,448
Advances -
Collections and Adjustments (8,008)
Loans Outstanding at May 31, 2024 $ 24,440
On September 30, 2017, the Federal government terminated the Perkins Loan Program. Subsequent to this date students can no longer receive Perkins Loan disbursements.
Nursing Faculty Loan Program (Federal Assistance Listings Number #93.264)
Loans Outstanding at May 31, 2023 $ 343,645
Advances 54,585
Collections and Adjustments (11,781)
Loans Outstanding at May 31, 2024 $ 386,449
Nursing Student Loans (Federal Assistance Listings Number #93.364)
Loans Outstanding at May 31, 2023 $ 328,131
Advances 5,209
Collections and Adjustments (3,254)
Loans Outstanding at May 31, 2024 $ 330,086
Title: STUDENT FINANCIAL AID AND INSTITUTIONAL PROGRAM ELIGIBILITY METRICS
Accounting Policies: BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Curry 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform
Guidance). Because the Schedule presents only a selected portion of the operations of the College, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the College.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
The College is in compliance with the following institutional and program eligibility requirements under the Higher Education Act of 1965 and Federal regulations under 34 CFR 668.23:
• Correspondence courses the institution offers under 34 CFR 600.7(b) and (g)
• Regular students that enroll in correspondence courses under 34 CFR 600.7(b) and (g)
• Institution’s regular students that are incarcerated under 34 CFR 600.7(c) and (g)
• Completion rates for confined or incarcerated individuals enrolled in non-degree programs at nonprofit institutions under 34 CFR 600.7(c)(3)(ii) and (g)
• Institution’s regular students that lack a high school diploma or its equivalent under
34 CFR 600.7(d) and (g)
• Completion rates for short-term programs under 34 CFR 668.8(f) and (g)
• Placement rates for short-term programs under https://www.ecfr.gov/current/title- 34/subtitle-B/chapter-VI/part-668/subpart-A/section-668.8 34 CFR 668.8(e)(2)