Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying supplementary schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Endicott College (the College) and is presented on the accrual basis of accounting and 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 the Schedule may differ from amounts presented in, or used in, the preparation of the financial statements.
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 195408. FEDERAL DIRECT STUDENT LOANS (84.268) - Balances outstanding at the end of the audit period were 23532232. NURSE FACULTY LOAN PROGRAM (NFLP) (93.264) - Balances outstanding at the end of the audit period were 618427.