Notes to SEFA
Title: STUDENT LOAN PROGRAMS
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Ithaca College (the College) under programs of the federal government for the year ended June 30, 2022 and is prepared on the accrual basis of accounting. 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, or cash flows of the College.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
During the year ended June 30, 2022, the College processed $34,420,205 of new loans under the Federal Direct Student Loan Program (Direct Loan). The College is responsible only for the performance of certain administrative duties with respect to the Direct Loan Program and, accordingly, the value of these loans is not reflected in the Colleges basic financial statements. As such, it is not practical to determine the balance of loans outstanding to students of the College under this program as of June 30, 2022. The federal student loan program listed below is administered directly by the College, and balances and transactions relating to this program are included in the Colleges financial statements. Loan activities and balances consist of the following: FEDERAL PERKINS LOAN PROGRAM (84.038) - Balances outstanding at the beginning of the audit period were $5,009,942, payments received were $1,263,885, and balances outstanding at the end of the audit period were $3,746,057.