Notes to SEFA
Title: Student Loan Programs
Accounting Policies: Definition of Reporting Entity - The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents all expenditures of federal award programs of Siena College (the College) during the year ended May 31, 2022.Basis of Accounting - The Schedule is presented on the accrual basis of accounting and in accordance with and the requirements of U.S. Code of Federal Regulations 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 basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Administrative Costs - Administrative costs are included in the reported expenditures to the extent such costs are included in thefederal financial reports used as the source for the data presented. The College has not elected to utilizethe 10% de minimus indirect cost rate in Part 200.514 of the Uniform Guidance.
Federal Perkins Loan Program - For the year ended May 31, 2022, the College did not issue any loans under the Federal Perkins Loan Program and no administrative cost allowance was claimed. The outstanding balance of loans outstanding at May 31, 2022 and 2021 were $783,925 and $1,004,231, respectively. The expended funds reported on the Schedule represents the May 31, 2021 outstanding loan balance. Federal Direct Student Loan Program - During the year ended May 31, 2022, the College processed $22,299,745 of new loans under the Federal Direct Student Loan Program (which includes subsidized and unsubsidized Direct Loans, Direct Parents Loans for Undergraduate Students, and Direct Parents Loans for Graduate Students). With respect to the Federal Direct Student Loan Program, the College is only responsible for the performance of certainadministrative duties; therefore, the Colleges financial statements do not include any amounts relative to these loans. The cumulative amount of total loans guaranteed and outstanding at May 31, 2022 is undeterminable.