Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Claremont McKenna College (the College) under programs of the federal government for the year ended June 30, 2025. The information in this schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards ('Uniform Guidance'). 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.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement. Pass-through entity identifying numbers are presented where available.
The following schedule is a reconciliation of total expenditures as shown in the Schedule of Expenditures of Federal Awards to the revenue caption shown as Federal Grants - Net Assets Without Donor Restriction in the Consolidated Statement of Activities, which is included as part of the College’s consolidated financial statements: (See Notes to SEFA - Note 3 - for included table)
For the year ended June 30, 2024, the College has an approved 3-year predetermined indirect cost rate which is effective from July 1, 2024 through June 30, 2025. The base rates for on-campus and off-campus research for the year ended June 30, 2025 are 55.9% and 24.5%, respectively. Therefore, the College has elected not to use the de minimus indirect cost rate as allowed under Uniform Guidance.
The federal student loan program listed subsequently are administered directly by the College and balances and transactions relating to these programs are included in the College's basic financial statements. Loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at June 30, 2025 consists of: (See Notes to SEFA - Note 5 - for included table)
During the year ended June 30, 2025, the College claimed no administrative cost allowance for the Federal Work-Study program.