Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited in reimbursement.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance due to the fact that the College has an existing approved indirect cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Oberlin College under programs of the federal government for the year ended June 30, 2023. The information in this Schedule 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Oberlin College, it is not intended to and does not present the financial position, changes in net assets or cash flows of Oberlin College.
Title: Federal Perkins Loan Program
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited in reimbursement.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance due to the fact that the College has an existing approved indirect cost rate.
The amount presented as Perkins Loan Fund expenditures includes outstanding loan balances at the beginning of the year. The balance of loans outstanding at June 30, 2023 was $2,026,702.
Title: Federal Direct Student Loans Program (ALN No. 84.268)
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited in reimbursement.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance due to the fact that the College has an existing approved indirect cost rate.
The College acts as an intermediary for students receiving Federal Family Education Loan Program loans (ALN No. 84.268), which includes the Direct Stafford Loan and Parent’s Loans for Undergraduate Students, from the federal government. The federal government is responsible for billings and collections of the loans. The College assists the federal government by processing the applications and applying funds to student accounts from the federal government. Since this program is administered by the federal government, new loans made in the fiscal year ended June 30, 2023, related to Federal Family Education Loan Program loans are considered current year federal expenditures, whereas the outstanding loan balances are not. The total amount processed during Fiscal Year 2023 is included on the Schedule. The College is responsible only for the performance of certain administrative duties with respect to the Federal Direct Student Loan Programs and, accordingly, balances and transactions relating to the loan programs are not included in the College’s basic financial statements. Therefore, it is not practical to determine the balance of loans outstanding to current and former students of the College at June 30, 2023.