Notes to SEFA
Title: Note 2
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Huntingdon College (the College) under programs of the federal government for the year ended May 31, 2022. 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). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Because the Schedule presents only a selected portion of the operations of the College, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the College.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
FEDERAL PERKINS LOAN PROGRAM (84.038) - Balances outstanding at the end of the audit period were 145208.
Title: Note 3
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Huntingdon College (the College) under programs of the federal government for the year ended May 31, 2022. 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). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Because the Schedule presents only a selected portion of the operations of the College, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the College.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Students of the College received $6,932,243 in new Federal Direct Student Loans (CFDA 84.268) during the year ended May 31, 2022. These loans were not made by the College.