Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) summarizes the expenditures of Swarthmore College (the College) under programs of the federal government for the year ended June 30, 2022. The information presented in the Schedule is presented on the accrual basis of accounting, which is in accordance with the 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 the federal award activity of the College, it is not intended to and does not present the financial position, changes in net assets and cash flows of the College. The College applies its predetermined approved facilities and administrative rate when charging indirect costs to federal awards rather than the 10% de minimis cost rate as described in Section 200.414 of the Uniform Guidance. For 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 and all sub-awards to the College by non-federal organizations pursuant to federal grants, contracts and similar agreements.
De Minimis Rate Used: N
Rate Explanation: The College applies its predetermined approved facilities and administrative rate when charging indirect costs to federal awards rather than the 10% de minimis cost rate as described in Section 200.414 of the Uniform Guidance.
PERKINS LOAN PROGRAM (84.038) - Balances outstanding at the end of the audit period were 123587.
Title: Federal Student Financial Assistance, Campus Based Loan Program
Accounting Policies: Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) summarizes the expenditures of Swarthmore College (the College) under programs of the federal government for the year ended June 30, 2022. The information presented in the Schedule is presented on the accrual basis of accounting, which is in accordance with the 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 the federal award activity of the College, it is not intended to and does not present the financial position, changes in net assets and cash flows of the College. The College applies its predetermined approved facilities and administrative rate when charging indirect costs to federal awards rather than the 10% de minimis cost rate as described in Section 200.414 of the Uniform Guidance. For 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 and all sub-awards to the College by non-federal organizations pursuant to federal grants, contracts and similar agreements.
De Minimis Rate Used: N
Rate Explanation: The College applies its predetermined approved facilities and administrative rate when charging indirect costs to federal awards rather than the 10% de minimis cost rate as described in Section 200.414 of the Uniform Guidance.
The Federal Perkins Loan Program is administered directly by Swarthmore College and balances and transactions relating to this program are included in the consolidated financial statements. The amount of Federal Perkins loans outstanding at June 30, 2022 totaled $123,587. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. College is responsible only for the performance of certain administrative duties with respect to federal direct loans disbursed by the Department of Education on behalf of College students under the direct loan programs (Federal Stafford, Federal Parents Loans for Undergraduate and Graduate Students, and Unsubsidized Federal Stafford Loans). These loan programs collectively are Assistance Listing #84.268. It is not practical to determine the balance of loans outstanding to students and former students of the College under these federally guaranteed loan programs at June 30, 2022