Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Allegheny College (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 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: Y
Rate Explanation: The auditee used the de minimis cost rate.
FEDERAL PERKINS LOAN PROGRAM (84.038) - Balances outstanding at the end of the audit period were 3094063.
Title: Loan/Loan Guarantee Outstanding Balances
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Allegheny College (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 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: Y
Rate Explanation: The auditee used the de minimis cost rate.
The federal student loan programs listed subsequently are administered directly by the College, and balances and transactions relating to these programs are included in the Colleges basic financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at June 30, 2022 consists of:OutstandingBalance atCFDA NumberProgram NameJune 30, 202284.038Perkins Loan Program$3,094,063