Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of St. Olaf College (the College) under programs of the federal government for the year ended May 31, 2025. 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 the College, it is not intended to and does not present the financial position, changes in net assets, functional expenses or cash flows of the College.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available.
The College has elected not to use the de minimis indirect cost rate allowed under the Uniform Guidance.
The federal student loan programs listed below are administered directly by the College, and balances and transactions relating to these programs are included in the College's financial statements. Loans outstanding at the beginning of the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at May 31, 2025 consist of Assistance Listing Number Program Name Outstanding Balance at May 31, 2025 84.038 Federal Perkins Loan Program $ 688,098 93.364 Nursing Student Loans 3,593