Notes to SEFA
Title: Relationship to Basic Financial Statements
Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) presents the expenditures of all federal awards programs of York College of Pennsylvania (the College) using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The College has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code ofFederal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in thisschedule may differ from amounts presented in, or used in the preparation of, the basic financialstatements. Because the schedule presents only a selected portion of the operations of the College, it isnot intended to and does not present the financial position, changes in net assets or cash flows of theCollege.
Title: Student Financial Assistance and Loan Programs
Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) presents the expenditures of all federal awards programs of York College of Pennsylvania (the College) using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The College has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The total loans granted under the Federal Direct Student Loan Program, which were not made by the College but were received by its students, were approximately $21,217,000 for the year ended June 30,2022.The total loans outstanding under the Federal Nursing Student Loan Program on June 30, 2022 was approximately $40,000.The total loans outstanding under the Federal Perkins Loan Program on June 30, 2022 was $0 as the College assigned all Federal Perkins Loans back to the U.S. Department of Education during June 2022.The College expects complete liquidation of the program during the year ended June 30, 2023.Federal awards expenditures include loans administered under the Federal Direct Student Loan Program during the year ended June 30, 2022, Federal Perkins Loans outstanding as of June 30, 2021 plus loans awarded during the year ended June 30, 2022 and Nursing Student Loans outstanding as of June 30,2021 plus loans awarded during the year ended June 30, 2022.