Notes to SEFA
Title: Note 2
Accounting Policies: Note 1.Basis of PresentationThe 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 College has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance. Matching costs (the Colleges share of certain program costs) are not included in the reported expenditures.
De Minimis Rate Used: N
Rate Explanation: 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 College has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance. Matching costs (the Colleges share of certain program costs) are not included in the reported expenditures.
SubrecipientsNo amounts were provided to subrecipients.
Title: Note 3
Accounting Policies: Note 1.Basis of PresentationThe 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 College has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance. Matching costs (the Colleges share of certain program costs) are not included in the reported expenditures.
De Minimis Rate Used: N
Rate Explanation: 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 College has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance. Matching costs (the Colleges share of certain program costs) are not included in the reported expenditures.
Federal Perkins LoanThe College administers the following federal loan program:Assistance ListingOutstanding BalanceJune 30, 2022Federal Perkins Loan Program84.038$469,086Total loan disbursements for the year ended June 30, 2022, are identified below:Assistance ListingAmount AwardedJune 30, 2022Federal Perkins Loan Program84.038$220,380The above expenditures for the Federal Perkins Loan Program include disbursements and expenditures including loans to students.
Title: Note 4
Accounting Policies: Note 1.Basis of PresentationThe 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 College has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance. Matching costs (the Colleges share of certain program costs) are not included in the reported expenditures.
De Minimis Rate Used: N
Rate Explanation: 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 College has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance. Matching costs (the Colleges share of certain program costs) are not included in the reported expenditures.
Federal Direct Student LoansFor the year ended June 30, 2022, the College processed $11,649,660 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.