Title: Facilities and Administrative Cost Recoveries
Accounting Policies: The accompanying supplementary schedule of expenditures of federal awards (the Schedule) summarizes the expenditures of Middlebury under federal government programs for the year ended June 30, 2024 using the accrual basis of accounting and in accordance with the provisions of the audit 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). The Schedule includes the expenditures of Middlebury’s two campuses: Middlebury College and the Middlebury Institute of International Studies.
For purposes of the Schedule, and except as noted below, federal awards include all grants, contracts and similar agreements entered into directly between Middlebury and agencies and departments of the federal government and all subawards to Middlebury by nonfederal organizations pursuant to federal grants, contracts and similar agreements. Grants made from Middlebury to other organizations are shown separately on the Schedule as passed through to subrecipients.
De Minimis Rate Used: N
Rate Explanation: Negotiated rate
Facilities and administrative costs are charged to federal grants and contracts at predetermined rates. The approved facilities and administrative cost rate for the Middlebury campus for the period July 1, 2021 through June 30, 2025 was 61%. The Middlebury Institute of International Studies campus had a separate rate for the period July 1, 2021 through June 30, 2025 of 51%. Both rates are based on a percentage of direct payroll. Facilities and administrative cost recoveries are reported as part of federal expenditures.
Middlebury has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Federal Direct Loan program
Accounting Policies: The accompanying supplementary schedule of expenditures of federal awards (the Schedule) summarizes the expenditures of Middlebury under federal government programs for the year ended June 30, 2024 using the accrual basis of accounting and in accordance with the provisions of the audit 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). The Schedule includes the expenditures of Middlebury’s two campuses: Middlebury College and the Middlebury Institute of International Studies.
For purposes of the Schedule, and except as noted below, federal awards include all grants, contracts and similar agreements entered into directly between Middlebury and agencies and departments of the federal government and all subawards to Middlebury by nonfederal organizations pursuant to federal grants, contracts and similar agreements. Grants made from Middlebury to other organizations are shown separately on the Schedule as passed through to subrecipients.
De Minimis Rate Used: N
Rate Explanation: Negotiated rate
Federally guaranteed loans issued to students of Middlebury under the Federal Direct Loan Program during the year ended June 30, 2024 amounted to $9,699,884 and federally guaranteed loans issued to parents of students of Middlebury under the PLUS Loan Program during the year ended June 30, 2024 amounted to $3,231,451. Middlebury is responsible only for the performance of certain administrative duties with respect to the programs and, accordingly, balances and transactions relating to them are not included in the Middlebury’s consolidated financial statements.
Title: Federal Perkins Loan Program
Accounting Policies: The accompanying supplementary schedule of expenditures of federal awards (the Schedule) summarizes the expenditures of Middlebury under federal government programs for the year ended June 30, 2024 using the accrual basis of accounting and in accordance with the provisions of the audit 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). The Schedule includes the expenditures of Middlebury’s two campuses: Middlebury College and the Middlebury Institute of International Studies.
For purposes of the Schedule, and except as noted below, federal awards include all grants, contracts and similar agreements entered into directly between Middlebury and agencies and departments of the federal government and all subawards to Middlebury by nonfederal organizations pursuant to federal grants, contracts and similar agreements. Grants made from Middlebury to other organizations are shown separately on the Schedule as passed through to subrecipients.
De Minimis Rate Used: N
Rate Explanation: Negotiated rate
See table in footnotes -There were no new federal capital contributions during the year ended June 30, 2024.
The College did not receive an allowance for administrative costs for the Perkins Loan Program