Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Maine College of Art and Design (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 (Uniform Guidance). Because the Schedulepresents only a selected portion of the operations of the College, it is not intended to and does not presentthe 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
FEDERAL PERKINS LOANS (84.038) - Balances outstanding at the end of the audit period were 185100.
Title: FEDERAL DIRECT STUDENT LOANS
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Maine College of Art and Design (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 (Uniform Guidance). Because the Schedulepresents only a selected portion of the operations of the College, it is not intended to and does not presentthe 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
During the fiscal year ended June 30, 2022, the College processed the following amount of new loans under the Federal Direct Student Loans (AL Number 84.268). These amounts are included in the federal expenditures schedule: Federal Stafford Loans $2,812,426 and Federal PLUS Loans $1,927,995.