Notes to SEFA
Title: Federal Loan Program
Accounting Policies: Basis of Presentation: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Albion College under programs of the federal government for the year ended June 30, 2024. The accompanying notes are an integral part of this Schedule. The information in this Schedule is presented 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 Albion College, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Albion College.
Summary of Significant 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: Albion College has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The balances above related to the Federal Perkins Loan Program (CFDA 84.038) are administered directly by Albion College, and balances and transactions relating to these programs are included in Albion College’s consolidated financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The College does not have a balance outstanding at June 30, 2024, for the Federal Perkins Loan Program (CFDA 84.038). The College ended its participation in the program by assigning the outstanding loan portfolio and returning all Perkins funds that were outstanding in the program.
Title: Subrecipients
Accounting Policies: Basis of Presentation: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Albion College under programs of the federal government for the year ended June 30, 2024. The accompanying notes are an integral part of this Schedule. The information in this Schedule is presented 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 Albion College, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Albion College.
Summary of Significant 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: Albion College has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
There were no subrecipients during the year ended June 30, 2024.