Title: Loan/loan guarantee outstanding balances
Accounting Policies: The supplementary schedule of expenditures of federal awards is presented on an accrual basis and in accordance with the provisions of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The College has not elected to utilize the 10% deminimus indirect cost rate in Part 200.514 of the Uniform Guidance
Federal Perkins Loan ProgramThe College administers the Federal Perkins Loan Program. The authority to award new loans to undergraduate students expired September 30, 2017 and no disbursements are permitted after June 30, 2018. The amount included on the schedule of expenditures of federal awards of $1,629,896 represents the outstanding balance as of June 30, 2021. The outstanding balance as of June 30, 2022 is $1,397,274.
Title: Federal Direct Loans
Accounting Policies: The supplementary schedule of expenditures of federal awards is presented on an accrual basis and in accordance with the provisions of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The College has not elected to utilize the 10% deminimus indirect cost rate in Part 200.514 of the Uniform Guidance
During the year ended June 30, 2022, the College processed $12,999,182 in new loans under the Federal Direct Loan Program (which includes Direct Parents Loans for Undergraduate Students).With respect to this program, the College is responsible only for the performance of certain administrative duties as part of the initial disbursement of the loans and accordingly, accordingly, these loans are not included in the Colleges financial statements. It is not practical to determine the balances of loans outstanding to students of the College under this program at June 30, 2022.
Title: Disaster Grants Public Assistance (Presidentially Declared Disasters)
Accounting Policies: The supplementary schedule of expenditures of federal awards is presented on an accrual basis and in accordance with the provisions of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The College has not elected to utilize the 10% deminimus indirect cost rate in Part 200.514 of the Uniform Guidance
The College received disaster grant awards in 2022 related to COVID-19. Expenditures included in the Schedule for Disaster Grants Public Assistance (Presidentially Declared Disasters) (ALN 97.036) of $1,826,079 were expenses incurred by the College prior to the year ended June 30, 2022.