Notes to SEFA
Title: FEDERAL PERKINS LOAN PROGRAM
Accounting Policies: BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards presents the activity of all federal awards programs administered by Maria College (the College) and is presented on an accrual basis of accounting.For the purposes of the schedule, federal awards include all grants, contracts, and similar agreements entered into directly between the College and agencies and departments of the federal government as well as federal awards passed through other agencies. Student financial aid includes certain awards to provide financial assistance to students, primarily under the Federal Work-Study, Pell Grant, and Supplemental Educational Opportunity Grant programs of the Department of Education.
De Minimis Rate Used: N
Rate Explanation: The College receives an administrative cost allowance for certain programs which are included in the Schedule of Expenditures of Federal Awards. The College has elected not to use the 10% de minimus indirect cost rate, as allowed by the Uniform Guidance. The Colleges share of certain program costs are presented as matching contributions.
The College did not make any Perkins Loans in the current year. Outstanding balance of Perkins Loans was $291,794 as of June 30, 2022.
Title: FEDERAL DIRECT LOAN PROGRAM
Accounting Policies: BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards presents the activity of all federal awards programs administered by Maria College (the College) and is presented on an accrual basis of accounting.For the purposes of the schedule, federal awards include all grants, contracts, and similar agreements entered into directly between the College and agencies and departments of the federal government as well as federal awards passed through other agencies. Student financial aid includes certain awards to provide financial assistance to students, primarily under the Federal Work-Study, Pell Grant, and Supplemental Educational Opportunity Grant programs of the Department of Education.
De Minimis Rate Used: N
Rate Explanation: The College receives an administrative cost allowance for certain programs which are included in the Schedule of Expenditures of Federal Awards. The College has elected not to use the 10% de minimus indirect cost rate, as allowed by the Uniform Guidance. The Colleges share of certain program costs are presented as matching contributions.
The College receives Federal funds for the Federal Direct Student Loan Program. The College processes student loan applications. All loans under this Program are made by the U.S. Department of Education and serviced by the U.S. Department of Education or its designee. The cumulative amount of total loans outstanding is undeterminable.