If you're accused of inappropriate behavior at a college party, it's going to be multiple considerations involved. Was the party on or off-campus. That can impact how the case would be addressed. The nature of the allegation itself or what took place, that, of course, would impact, say, the potential charges and how it would need to be responded to. Such a case could be brought under the college's general code of conduct for a general disciplinary issue. If it's sexual misconduct in nature, it could be either under the school's Title IX policy, or the school's sexual misconduct policy.
Any kind of allegation is serious. It can be incredibly serious. The consequences can be profound both in the short and long term. You should let your parents know before you engage with the school in any capacity. You should take the necessary precautions so that you can respond accordingly at the given time. Having an experienced attorney-advisor will help you best understand how to do so. It will also help you best understand and navigate the process moving forward. They should be involved as early as possible.