Notes to SEFA
Title: Federal Direct Student Loan Program
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Seminary has elected not to use the 10‐percent de minimis indirect cost rate allowable under the Uniform Guidance.
The Seminary participates in the Federal Direct Student Loan Program. The Seminary is responsible only for the performance
of certain administrative duties with respect to the Federal Direct Student Loan Program and, accordingly, these loans are
not included in the Seminary's basic financial statements.
Title: Federal Perkins Loan Program
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Seminary has elected not to use the 10‐percent de minimis indirect cost rate allowable under the Uniform Guidance.
The Seminary administers and accounts for certain aspects of the Federal Perkins Loan Program. The Seminary's basic financial statements include the program's net assets and transactions. The outstanding principal balance at June 30, 2024 was $259,175.
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Seminary has elected not to use the 10‐percent de minimis indirect cost rate allowable under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Princeton Theological Seminary (the Seminary) 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 the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Seminary, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Seminary.