Notes to SEFA
Title: FEDERAL DIRECT STUDENT LOAN PROGRAM (FDSLP)
Accounting Policies: A. BASIS OF PRESENTATIONThe accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes allfederal grant activity of Agnes Scott College (the College) under programs of the federalgovernment for the year ended June 30, 2022. The information in this schedule is presented inaccordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformCost Administrative Requirements, Cost Principles, and Audit Requirements of Federal Awards(Uniform Guidance). Because the Schedule presents only a selected portion of the operations ofAgnes Scott College, it is not intended to and does not present the financial position, changes innet assets or cash flows of the College.C. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule of Expenditures of Federal Awards are presented on theaccrual basis of accounting. Such expenditures are reported following the cost principlescontained in Uniform Guidance, wherein certain types of expenditures are not allowable or arelimited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The College elected not to use the option of the 10% de minimis indirect cost rate. The Collegeuses a rate of 40.00% of modified total direct costs (MTDC), which is negotiated with theDepartment of Health and Human Services. The rate expires on June 30, 2025.
The College is responsible only for the performance of certain loan origination administrativeduties with respect to the FDSL program and accordingly, these loans are not included in theColleges consolidated financial statements and it is not practical to determine the balance ofloans outstanding to students and former students of the College under these programs as ofJune 30, 2022. During the fiscal year ended June 30, 2022, the College processed the followingamounts of new loans under the Federal Direct Student Loan Program:Federal Direct Subsidized Stafford Loans $ 2,032,206Federal Direct Unsubsidized Stafford loans 2,005,710Federal PLUS Loans 1,810,720$ 5,848,636