Title: (1) Definition of Reporting Entity
Accounting Policies: (2) Basis of Presentation - The supplementary schedule of expenditures of federal awards is presented on an accrual basis and in accordance with the provisins of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Guidance Administrative Requirements, Cost Principles, and Audit Requiremnets For Federal Awards (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presnted in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: (5) Indirect Cost Rate - The College has not elected to utilize the 10% deminimus indirect cost rate in Part 200.514 of the Uniform guidance.
The accompanying supplementary schedule of expenditures of federal awards presents all expenditures of the federal award programs of Emmanuel College (the College) during the year ended June 30, 2023.
Title: (3) Federal Perkins Loan Program
Accounting Policies: (2) Basis of Presentation - The supplementary schedule of expenditures of federal awards is presented on an accrual basis and in accordance with the provisins of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Guidance Administrative Requirements, Cost Principles, and Audit Requiremnets For Federal Awards (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presnted in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: (5) Indirect Cost Rate - The College has not elected to utilize the 10% deminimus indirect cost rate in Part 200.514 of the Uniform guidance.
The College administers the Federal Perkins Loan Program. The authority to award new loans to undergraduate students expired September 30, 2017 and no disbursements are permitted after June 30, 2018. The outstanding balance as of June 30, 2022 is $1,397,274. The outstanding balance as of June 30, 2023 is $1,193,723
Title: (4) Federal Direct Loans
Accounting Policies: (2) Basis of Presentation - The supplementary schedule of expenditures of federal awards is presented on an accrual basis and in accordance with the provisins of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Guidance Administrative Requirements, Cost Principles, and Audit Requiremnets For Federal Awards (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presnted in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: (5) Indirect Cost Rate - The College has not elected to utilize the 10% deminimus indirect cost rate in Part 200.514 of the Uniform guidance.
During the year ended June 30, 2023, the College processed $13,006,637 in new loans under the Federal Direct Loan Program (which includes Direct Parents' Loans for Undergraduate Students). With respect to this program, the College is responsible only for the performance of certain administrative duties as part of the initial disbursement of the loans and accordingly, these loans are not included in the College's financial statements. It is not practical to determine the balances of loans outstanding to students of the College under this program at June 30, 2023.
Title: (6) Disaster Grants - Public Assistance (Presidentially Declared Disasters)
Accounting Policies: (2) Basis of Presentation - The supplementary schedule of expenditures of federal awards is presented on an accrual basis and in accordance with the provisins of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Guidance Administrative Requirements, Cost Principles, and Audit Requiremnets For Federal Awards (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presnted in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: (5) Indirect Cost Rate - The College has not elected to utilize the 10% deminimus indirect cost rate in Part 200.514 of the Uniform guidance.
The College received disaster grant awards in 2023 related to COVID-19. Expenditures included in the Schedule for Disaster Grants-Public Assistance (Presidentially Declared Disasters) (ALN 97.036) of $234,210 were expenses incurred by the College prior to the year ended June 30, 2023.