Title: Loan/loan guarantee outstanding balances
Accounting Policies: 1.Basis of PresentationThe accompanying Schedule of Expenditures of Federal Awards has been prepared as required under Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance). The purpose of the schedule is to present a summary of federal award programs for which Paul Smiths College of Arts and Sciences (the College) received funding during the year ended June 30, 2022 using the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. For purposes of the schedule, federal awards include any assistance provided by a federal agency directly or indirectly in the form of grants, contracts, cooperative agreements, direct appropriations loans and loan guarantees, and other noncash assistance. Because the schedule presents only a selected portion of the activities 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.Indirect costs may be included in the reported expenditures, to the extent they are included in the federal financial reports used as the source for the data presented. Matching costs (the Colleges share of certain program costs) are not included in the reported expenditures. The College has not elected to use the 10 percent de minimis cost rate as covered in CFR200.414 Indirect (F&A) costs.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
FEDERAL PERKINS LOAN (84.038) - Balances outstanding at the end of the audit period were 349103.
Title: Administrative Cost Allowance
Accounting Policies: 1.Basis of PresentationThe accompanying Schedule of Expenditures of Federal Awards has been prepared as required under Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance). The purpose of the schedule is to present a summary of federal award programs for which Paul Smiths College of Arts and Sciences (the College) received funding during the year ended June 30, 2022 using the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. For purposes of the schedule, federal awards include any assistance provided by a federal agency directly or indirectly in the form of grants, contracts, cooperative agreements, direct appropriations loans and loan guarantees, and other noncash assistance. Because the schedule presents only a selected portion of the activities 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.Indirect costs may be included in the reported expenditures, to the extent they are included in the federal financial reports used as the source for the data presented. Matching costs (the Colleges share of certain program costs) are not included in the reported expenditures. The College has not elected to use the 10 percent de minimis cost rate as covered in CFR200.414 Indirect (F&A) costs.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The College received an administrative cost allowance of approximately $7,000 for the Federal Perkins, Federal Supplemental Educational Opportunity Grants, and Federal College Work-Study Programs.
Title: Assistance Listing 84.268 Federal Direct Student Loans
Accounting Policies: 1.Basis of PresentationThe accompanying Schedule of Expenditures of Federal Awards has been prepared as required under Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance). The purpose of the schedule is to present a summary of federal award programs for which Paul Smiths College of Arts and Sciences (the College) received funding during the year ended June 30, 2022 using the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. For purposes of the schedule, federal awards include any assistance provided by a federal agency directly or indirectly in the form of grants, contracts, cooperative agreements, direct appropriations loans and loan guarantees, and other noncash assistance. Because the schedule presents only a selected portion of the activities 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.Indirect costs may be included in the reported expenditures, to the extent they are included in the federal financial reports used as the source for the data presented. Matching costs (the Colleges share of certain program costs) are not included in the reported expenditures. The College has not elected to use the 10 percent de minimis cost rate as covered in CFR200.414 Indirect (F&A) costs.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Under the Federal Direct Student Loans (Direct Loan), including subsidized and unsubsidized Stafford Student Loans, Supplemental Loans for Students (SLS) and Parents Loans for Undergraduate Students (PLUS), the college processes many student loan applications. The loans, which are federally guaranteed, are made by the Secretary of Education. The cumulative amount of total loans guaranteed and outstanding at June 30, 2022 is undeterminable. The approximate amount of loans under Direct Loan issued and guaranteed for the Colleges students and parents for the year ended June 30, 2022 was $4,583,481. Since these programs are administered by outside financial institutions, new loans made during the fiscal year related to these programs are considered current year expenditures in the Schedule of Expenditures of Federal Awards.