Audit 351280

Title: (2) Loan Balances Accounting Policies: (1) Summary of Significant Accounting Policies - The accompanying supplementary schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Champlain College Incorporated and is presented on the accrual basis of accounting. 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. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Costs Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the consolidated financial statements. De Minimis Rate Used: N Rate Explanation: (3) Indirect Cost Rate - For federal awards, the College has obtained predetermined facilities and administrative cost rates for fiscal year 2024, which have been reviewed and approved by the U.S. Department of Health and Human Services, the College’s federal oversight agency. The on-campus rate was 40.5% and the off-campus rate was 23.10% for the fiscal year ending June 30, 2024. Both rates use the Uniform Guidance’s Simplified Method and Modified Total Direct Cost as a base. The College has not elected to utlize the 10% deminimus indirect cost rate allowed under the Uniform Guidance. Congress did not renew the Federal Perkins Loan Program after September 2017 and the transition period permitting disbursements ended June 30, 2018. Therefore, no new loans have been awarded after September 2017 and the College will continue to service outstanding loans throughout the repayment period. For the year ended June 30, 2024, the College did not recover an administrative allowance under the Federal Perkins Loan Program. The loan receivable balance from students under the Federal Perkins Loan Program was $227,021 and $442,395 at June 30, 2024 and 2023. During the year ended June 30, 2024, $23,889,164 was advanced under the Federal Direct Student Loan Program. The College is responsible only for the performance of certain administrative duties and, accordingly, these loan balances are not included in the College's consolidated financial statements. It is not practical to determine the balances of loans outstanding from students of the College under this program as of June 30, 2024. The amount expended during 2024 was as follows: DL - Subidized $5,325,584, DL-Unsubsidized - $10,389,553, DL-Plus $8,174,027, Total $23,889,164