Notes to SEFA
Title: FEDERAL PERKINS LOAN PROGRAM
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) presents the expenditures of Bucknell Universitys (the University) federal financial assistance programs for the year ended June 30, 2022. 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, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule represents only a portion of the operations of the University, it is not intended to and does not present the consolidated financial position, changes in net assets, or cash flows of the University. Negative amounts on the Schedule, if any, represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The Schedule is presented using the accrual basis of accounting, which is consistent with the University's consolidated financial statements. 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: The University has a federally negotiated indirect cost rate and therefore may not elect to use the de minimis 10% indirect cost rate.
The University administers and accounts for all aspects of the Federal Perkins Loan Program. Therefore, the Universitys consolidated financial statements include the programs balances and transactions. The balance of loans outstanding under the loan program at June 30, 2022, was $1,119,267. The amount presented on the Schedule is the beginning balance of the loans outstanding at July 1, 2021, plus the amount of the loans issued during the fiscal year ended June 30, 2022. No administrative cost allowance was claimed for the Federal Perkins Loan Program for the year ended June 30, 2022.
Title: FEDERAL DIRECT LOANS
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) presents the expenditures of Bucknell Universitys (the University) federal financial assistance programs for the year ended June 30, 2022. 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, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule represents only a portion of the operations of the University, it is not intended to and does not present the consolidated financial position, changes in net assets, or cash flows of the University. Negative amounts on the Schedule, if any, represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The Schedule is presented using the accrual basis of accounting, which is consistent with the University's consolidated financial statements. 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: The University has a federally negotiated indirect cost rate and therefore may not elect to use the de minimis 10% indirect cost rate.
For the Federal Direct Loan Programs, the University is responsible only for the performance of certain administrative duties; therefore, the loan balances and transactions for those programs are not included in the Universitys consolidated financial statements. It is not practical to determine the loan balances outstanding to students under this program as of June 30, 2022.