Notes to SEFA
Title: Federal Student Loan Program
Accounting Policies: The accompanying schedule of expenditures fo federal awards includes the federal grant activity of Hebrew Union College - Jewish Insitute of Religion (the College-Institute), and is presented on the accrual basis of accounting. The schedule should be read in conjunction with the College-Institutes financial statements. Federal awards include all grants, contracts, loans, and loan agreements entered into directly between the College-Institute and agencies and departments of the federal government.
De Minimis Rate Used: N
Rate Explanation: The College-Institute has elected not to use the 10% de minimis indirect cost rate allowed under Uniform
Guidance.
The Federal Direct Loan Program is a federally guaranteed loan program and consists of subsidized and unsubsidized federal loans for students and Federal PLUS loans for parents, graduate and professional students. Federal statute requires that proceeds from Federal Direct Loans be disbursed to the College-Institute and directly applied to students accounts. New loans processed for students during the year ended June 30, 2024, were as follows: Federal Direct Loan Program: Unsubsidized $1,024,699 Plus $550,666 Total $1,575,365 The College-Institute is responsible only for the performance of certain administrative duties with respect to the federally guaranteed student loan programs, and, accordingly, these loans are not included in its financial statements and it is not practical to determine the balance of loans outstanding to students and former students of the College-Institute under these programs at June 30, 2024.
Title: Written Agreements
Accounting Policies: The accompanying schedule of expenditures fo federal awards includes the federal grant activity of Hebrew Union College - Jewish Insitute of Religion (the College-Institute), and is presented on the accrual basis of accounting. The schedule should be read in conjunction with the College-Institutes financial statements. Federal awards include all grants, contracts, loans, and loan agreements entered into directly between the College-Institute and agencies and departments of the federal government.
De Minimis Rate Used: N
Rate Explanation: The College-Institute has elected not to use the 10% de minimis indirect cost rate allowed under Uniform
Guidance.
The College-Institute has entered into several written agreements with various other institutions and consortiums that enable its students to attend classes at these other institutions. The College-Institute maintains documentation of these other organizations eligibility to participate in federal student financial assistance programs.