Notes to SEFA
Title: Student Loan Programs
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activities of Marist College and Affiliates (the “College”) for the year ended June 30, 2024. The information presented on this schedule has been prepared on the accrual basis of accounting and is 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 (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 minimis indirect cost rate allowed under Uniform Guidance.
The federal student loan program listed below is administered directly by the College, and balances and transactions relating to this program are included in the College’s consolidated financial statements. There wer no new federal capital contributions during the year ended June 30, 2024. See the Notes to the SEFA for chart/table.
Title: Federal Direct Loans
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activities of Marist College and Affiliates (the “College”) for the year ended June 30, 2024. The information presented on this schedule has been prepared on the accrual basis of accounting and is 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 (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 minimis indirect cost rate allowed under Uniform Guidance.
Federally guaranteed loans distributed to students of the College through the Federal Direct Loan Program during the year ended June 30, 2024 are summarized as follows. These distributions and related funding sources are not included in the College’s consolidated financial statements. See the Notes to the SEFA for chart/table.