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.
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.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”)
includes the federal award activity of Eastern Nazarene College (the “College”) under
programs of the Federal Government for the year ended June 30, 2023. The information
on this Schedule is prepared 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 the College,
it is not intended to, and does not present, the financial position, changes in net assets or
cash flows of the College.
Title: Summary of Significant Accounting Policies
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.
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.
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.
Title: Indirect Cost Rate
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.
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.
The College has elected not to use the 10-percent de minimis indirect cost rate as
allowed under the Uniform Guidance.
Title: Federal Student Loan Programs
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.
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.
The Federal Perkins Loan program is administered directly by the College, and
balances and transactions relating to this program are included in the College’s basic
financial statements. Loans outstanding at the beginning of the year and loans made
during the year are included in the federal expenditures presented in the Schedule.
There were no administrative costs incurred and the balance of loans outstanding at
June 30, 2023 is $291,499.
Title: Federal Student Loan Programs
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.
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.
The College disbursed $3,127,132 of loans under the Federal Direct Student Loans
program, which include Stafford Subsidized and Unsubsidized Loans and Parent Plus
Loans. It is not practical to determine the balances of the loans outstanding to students
of the College under the program as of June 30, 2023. The College is only responsible
for the performance of certain administrative duties and, accordingly, these loans are
not included in the College’s financial statements.