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 of Hilbert College (the College), an entity as defined in Note 1 to the College’s consolidated financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other agencies, are included on the SEFA.
Basis of Accounting:
The College uses the accrual basis of accounting for federal programs, consistent with the consolidated 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 College’s financial reporting system.
Indirect Costs:
The College does not allocate indirect costs to federal programs, and as such, does not apply the 10% de minimis rate permitted by the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Indirect Costs:
The College does not allocate indirect costs to federal programs, and as such, 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 of Hilbert College (the College), an entity as defined in Note 1 to the College’s consolidated financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other agencies, are included on the SEFA.
Basis of Accounting:
The College uses the accrual basis of accounting for federal programs, consistent with the consolidated 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 College’s financial reporting system.
Indirect Costs:
The College does not allocate indirect costs to federal programs, and as such, 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 of Hilbert College (the College), an entity as defined in Note 1 to the College’s consolidated financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other agencies, are included on the SEFA.
Basis of Accounting:
The College uses the accrual basis of accounting for federal programs, consistent with the consolidated 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 College’s financial reporting system.
Indirect Costs:
The College does not allocate indirect costs to federal programs, and as such, does not apply the 10% de minimis rate permitted by the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Indirect Costs:
The College does not allocate indirect costs to federal programs, and as such, 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 College, 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 SEFA is the balance of the loans outstanding as of May 31, 2023. Payments received, adjustments, and other transactions for the year ended May 31, 2024 totaled $59,749. The total amount outstanding at May 31, 2024 was $40,656. The College issued no new Perkins loans for the year ended May 31, 2024.
Title: 3. Federal Direct Student Loan Programs
Accounting Policies: Basis of Presentation:
The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all federal award programs of Hilbert College (the College), an entity as defined in Note 1 to the College’s consolidated financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other agencies, are included on the SEFA.
Basis of Accounting:
The College uses the accrual basis of accounting for federal programs, consistent with the consolidated 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 College’s financial reporting system.
Indirect Costs:
The College does not allocate indirect costs to federal programs, and as such, does not apply the 10% de minimis rate permitted by the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Indirect Costs:
The College does not allocate indirect costs to federal programs, and as such, 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 College under Federal Direct Student Loans (Assistance Listing #84.268) for the year ended May 31, 2024 were as follows: Direct Subsidized Loans $2,284,051, Direct Unsubsidized Loans $2,803,322 and Direct PLUS Loans $1,678,384 totaling $6,765,757.