Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Indirect costs allocated to federal awards for the year ended June 30, 2022 were based on predetermined fixed rates where applicable, and accordingly, the College has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Franklin W. Olin College of Engineering, Inc. (the College) under programs of the federal government for the year ended June 30, 2022. 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 (the 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. The College includes loans granted under the Federal Direct Student Loan Program as expenditures of federal awards.
Title: Higher Education Emergency Relief Fund
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Indirect costs allocated to federal awards for the year ended June 30, 2022 were based on predetermined fixed rates where applicable, and accordingly, the College has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The College was awarded funds for student and institutional purposes under the Higher Education Emergency Relief Fund (HEERF), including the Fund for the Improvement of Postsecondary Education (FIPSE). These funds are administered directly by the College. Amounts expended for the year ended June 30, 2022 for both the student and institutional portions of the program are included in Federal expenditures presented in the Schedule. The activity for the year ended June 30, 2022 consists of: SEE FINANCIAL STATEMENTS FOR TABLE.