Notes to SEFA
Title: STUDENT LOAN PROGRAMS
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Manhattanville College (the College) under programs of the federal government for the year ended June 30, 2022 and is prepared on the accrual basis of accounting. 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 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.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
The College is responsible only for the performance of certain ongoing administrative duties with respect to the Federal Direct Loan Program. Accordingly, the outstanding loan balances under this program are not included in the Colleges accompanying financial statements. It is not practicable to determine the balance of loans outstanding to students of the College under this program at June 30, 2022. The Federal Perkins Loan Program listed below is administered directly by the College, and balances and transactions relating to this program are included in the Colleges financial statements. As of June 30, 2022, loan activities and balances consist of the following: Federal Perkins Loan Program(ALN 84.038)- Balance as of June 30, 2021:$1,227,560;Loans Issued:$0; Payments Received/Cancellations:$151,357;Balance as of June 30, 2022: $1,076,233.