Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal grant expenditures of Skidmore College for the year ended May 31, 2026 and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance.
Skidmore College participates in the Federal Perkins Loan Program. The outstanding balance of loans receivable under this program was $132,474 at May 31, 2026. Internal control and compliance requirements associated with student Perkins loan repayments are performed by Educational Computer Systems, Inc., d/b/a ECSI, a third-party loan servicer. The entire expenditures figure on the Schedule of Expenditures of Federal Awards represents outstanding loans as of June 1, 2025. There were no new loans issued by the College under the Perkins Loan Program during the fiscal year ended May 31, 2026.
For the year ended May 31, 2026, Skidmore College processed $7,874,638 of new loans (net of origination fees), under the Federal Direct Student Loan Program which includes Subsidized Loans, Unsubsidized Loans, and Parent Loans for Undergraduate Students.
For the year ended May 31, 2026, Skidmore College did not elect to use the de minimis indirect cost rate.