Notes to SEFA
Title: Note A:
Accounting Policies: The schedule of expenditures of federal awards includes the federal grant activity of Welch College and is presented on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The schedule of expenditures of federal awards includes the federal grant activity of
Welch College and is presented on the accrual basis of accounting. 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).
The College has elected not to use the 10-percent de minimis indirect cost rate allowed
under the Uniform Guidance.
Title: Note B:
Accounting Policies: The schedule of expenditures of federal awards includes the federal grant activity of Welch College and is presented on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The College is responsible only for the performance of certain administrative duties with
respect to federal direct student loans, and accordingly, these loans are not included in
the financial statements. The loans processed are included in the Schedule of
Expenditures of Federal Awards as part of the student financial assistance cluster.
During the year ended May 31, 2023, the College processed $841,643 of new loans
under the Federal Direct Student Loans program.