Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Keuka College (the “College”) and is presented on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Indirect costs may be included in the reported expenditures, to the extent that they are included in the federal financial reports used as the source for the data presented. The de minimis election allows the College to allocate 10% of indirect costs to grants with periods ending on or before September 30, 2024 and 15% of indirect costs to grants with periods after September 30, 2024. The College has elected not to use the de minimis indirect cost rate as allowed under the Uniform Guidance. Matching costs (the College’s share of certain program costs) are not included in the reported expenditures.
No amounts were provided to subrecipients.
The College administers the following federal loan program: Assistance Listing Outstanding Balance June 30, 2025 Federal Perkins Loan Program 84.038 $149,045 Total loan disbursements for the year ended June 30, 2025, are identified below: Assistance Listing Amount Awarded June 30, 2025 Federal Perkins Loan Program 84.038 $220,380 The above expenditures for the Federal Perkins Loan Program include disbursements and expenditures including loans to students.
For the year ended June 30, 2025, the College processed $15,586,679 of new loans under the Federal Direct Student Loans Program (Assistance Listing 84.268) which includes subsidized and unsubsidized Federal Stafford Loans and Federal parent Plus Loans.