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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Passthrough entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The College has not elected to use the 10% de minimis indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of New England College (the College) under programs of the federal government for the year ended June 30, 2024. The information in the Schedule is presented in accordance with 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 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: Federal Supplemental Education Opportunity Grants
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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Passthrough entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The College has not elected to use the 10% de minimis indirect cost rate.
Federal Supplemental Educational Opportunity Grants expenditures in fiscal year 2024 consisted of the following: See the Notes to the SEFA for chart/table.
Title: Federal Work-Study Program
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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Passthrough entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The College has not elected to use the 10% de minimis indirect cost rate.
Federal Work-Study Program expenditures in fiscal 2024 consisted of the following: See the Notes to the SEFA for chart/table.
Title: Federal Direct Student Loans
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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Passthrough entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The College has not elected to use the 10% de minimis indirect cost rate.
During the year ended June 30, 2024, the College processed the following new loans under the Federal Direct Student Loans. The loans were made directly through the United States Department of Education. See the Notes to the SEFA for chart/table
Title: Federal Perkins Loan Program
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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Passthrough entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The College has not elected to use the 10% de minimis indirect cost rate.
The following sets forth certain balances and activities in the Federal Perkins Loan Program for the year ended June 30, 2024: See the Notes to the SEFA for chart/table