Notes to SEFA
Title: LOANS OUTSTANDING
Accounting Policies: The schedule of expenditures of federal awards includes only the current year federal grant activity of Stephens 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. Under these standards, Federal Pell Grant Program awards are reported as expenditures, whereas under U.S. generally accepted accounting principles they are not reported in the Colleges statement of activities as expenses or financial aid. New loan advances under the Federal Student Direct Loans Program represent the amount of such loans processed by the College for the year and are not reportable as transactions in the Colleges financial statements under U.S. generally accepted accounting principles. Other amounts presented in this schedule as expenditures may differ from the amounts presented in, or used in the preparation of, the basic financial statements, although such differences are not material to the financial statements.
De Minimis Rate Used: N
Rate Explanation: The Collge has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The College had the following loan balances outstanding as of June 30, 2023: Federal Perkins Loan Program - Assistance Listing Number 84.038 - Amount Outstanding $576,645