Notes to SEFA
Title: Federal Student Loan Programs
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents theactivity of all federal award programs of Elmira College (the College). Because the Schedulepresents only a selected portion of the operations of the College, it is not intended to, and doesnot, present the financial position, activities and changes in net asset of the College.For the purposes of the Schedule, federal awards include all grants, contracts, and similaragreements entered into directly between the College and agencies and departments of thefederal government as well as federal awards passed through other agencies. Studentfinancial aid includes certain awards to provide financial assistance to students, primarily underthe Federal Work-Study, Pell Grant and Supplemental Educational Opportunity Grantprograms of the Department of Education. The College also receives awards to make loans toeligible students under certain federal student loan programs and federally guaranteed loansare issued to students of the College by the Federal government. These loans are consideredfor the purposes of determining whether student financial aid is a major or nonmajor program.BASIS OF ACCOUNTINGThis Schedule has been prepared in accordance with accounting principles generally acceptedin the United States of America and in accordance with the requirements of Title 2 U.S. Codeof Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, andAudit Requirements for Federal Awards (Uniform Guidance).Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures 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 auditee did not use the de minimis cost rate.
The Perkins Loan program is administered directly by the College and balances andtransactions relating to this program are included in the Colleges financial statements. The gross balance of loans outstanding under the Perkins program was $1,591,485 at June 30,2022.