Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal award programs of Hobart and William Smith Colleges (HWS). Because the Schedule presents only a selected portion of the operations of HWS, it is not intended, and does not, present the financial position or changes in net assets and activities of HWS. For the purposes of the Schedule, federal awards include all grants, contracts, and similar agreements entered into directly between HWS and agencies and departments of the federal government, as well as federal awards passed through other agencies. Student financial assistance includes certain awards to provide financial assistance to students, primarily under the Federal Work-Study, Pell Grant and Supplemental Educational Opportunity Grant programs of the U.S. Department of Education. HWS also receives awards to disburse to eligible students under certain federal student loan programs and federally guaranteed loans are issued to students of HWS by the Federal government. These loans are considered for the purposes of determining whether student financial assistance is a major or non-major program.
The Perkins Loan program is administered directly by HWS and balances and transactions relating to this program are included in HWS’ financial statements. The net balance of loans outstanding under the Perkins program was $215,819 at June 30, 2025. The Perkins Loan Program was terminated effective June 30, 2018 and no additional loans will be distributed.