Notes to SEFA
Title: FEDERAL PERKINS LOAN PROGRAM
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Muhlenberg College (the College) and is presented on the accrual basis of accounting. The information in these schedules 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. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the general-purpose financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Muhlenberg College participated in and administered the Federal Perkins Loan Program. As of June 30, 2022, there were no loan balances outstanding, and no new loans were awarded during 2022. The College completed its closeout of the Federal Perkins Loan Program (See results in Section 6).
Title: SUBRECEIPIENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Muhlenberg College (the College) and is presented on the accrual basis of accounting. The information in these schedules 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. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the general-purpose financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The College did not pass any awards through to subrecipients.
Title: MATCHING CONTRIBUTIONS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Muhlenberg College (the College) and is presented on the accrual basis of accounting. The information in these schedules 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. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the general-purpose financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The amounts reported in the accompanying Schedule of Expenditures of Federal Awards do not include matching contributions made by the College. The College made matching contributions to the following federal awards:Federal Supplemental Educational Opportunity Grants $ 124,434Federal Work-Study Program 75,981$ 200,415