Title: General
Accounting Policies: The information in the Schedule is prepared based on the accrual basis of accounting and is also presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10-percent de minimis direct cost rate allowed under the Uniform Guidance. Facilities and administrative costs allocated to awards for the year ended June 30, 2024, were based on predetermined fixed rates up to 62% negotiated with the College’s cognizant federal agency, the National Science Foundation, and are included as a component of the expenditures in the Schedule.
The accompanying schedule of expenditures of federal awards (the Schedule) presents the activity of all federal award programs of Pomona College (the College). 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 for the College.
For purposes of the Schedule, federal awards include all grants and contracts entered into directly between the College and agencies and departments of the federal government and pass-through agencies. The awards are classified into major program categories in accordance with the provisions of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), for Audits of States, Local Governments, and Non-Profit Organizations.
Title: Basis of Presentation
Accounting Policies: The information in the Schedule is prepared based on the accrual basis of accounting and is also presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10-percent de minimis direct cost rate allowed under the Uniform Guidance. Facilities and administrative costs allocated to awards for the year ended June 30, 2024, were based on predetermined fixed rates up to 62% negotiated with the College’s cognizant federal agency, the National Science Foundation, and are included as a component of the expenditures in the Schedule.
The information in the Schedule is prepared based on the accrual basis of accounting and is also presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
Title: Relationship to Federal Financial Reports
Accounting Policies: The information in the Schedule is prepared based on the accrual basis of accounting and is also presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10-percent de minimis direct cost rate allowed under the Uniform Guidance. Facilities and administrative costs allocated to awards for the year ended June 30, 2024, were based on predetermined fixed rates up to 62% negotiated with the College’s cognizant federal agency, the National Science Foundation, and are included as a component of the expenditures in the Schedule.
Amounts reported in the Schedule agree in all material respects with the amounts reported in the related federal financial reports.
Title: Federal Perkins Loan Program
Accounting Policies: The information in the Schedule is prepared based on the accrual basis of accounting and is also presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10-percent de minimis direct cost rate allowed under the Uniform Guidance. Facilities and administrative costs allocated to awards for the year ended June 30, 2024, were based on predetermined fixed rates up to 62% negotiated with the College’s cognizant federal agency, the National Science Foundation, and are included as a component of the expenditures in the Schedule.
Total loans outstanding under the Federal Perkins Loan Program were $276,044 at June 30, 2024. The amounts included in the Schedule consist of loans advanced to students and the administrative cost allowance for the year ended June 30, 2024.
Title: Indirect Cost Rates
Accounting Policies: The information in the Schedule is prepared based on the accrual basis of accounting and is also presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10-percent de minimis direct cost rate allowed under the Uniform Guidance. Facilities and administrative costs allocated to awards for the year ended June 30, 2024, were based on predetermined fixed rates up to 62% negotiated with the College’s cognizant federal agency, the National Science Foundation, and are included as a component of the expenditures in the Schedule.
The College has elected not to use the 10-percent de minimis direct cost rate allowed under the Uniform Guidance. Facilities and administrative costs allocated to awards for the year ended June 30, 2024, were based on predetermined fixed rates up to 62% negotiated with the College’s cognizant federal agency, the National Science Foundation, and are included as a component of the expenditures in the Schedule.