Title: Federal Work-Study Program
Accounting Policies: SEFA Notes 1 and 2: Definition of a Reporting Entity and Basis of Presentation: The accompanying supplementary schedule of expenditures of federal awards (the “Schedule”) presents all expenditures of federal award programs of Emerson College (the “College”) during the year ended June 30, 2024. The Schedule is presented on an accrual basis and in accordance with the provisions of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). 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 College has not elected to utilize the 10% de minimis indirect cost rate in Part 200.514 of the Uniform Guidance.
Federal Work-Study Program (“FWS”) expenditures for the year ended June 30, 2024 are comprised of wages paid to students of $714,189 and a school match of $222,970 for a total of $937,159 FWS expended.
Title: Federal Perkins Loan Program
Accounting Policies: SEFA Notes 1 and 2: Definition of a Reporting Entity and Basis of Presentation: The accompanying supplementary schedule of expenditures of federal awards (the “Schedule”) presents all expenditures of federal award programs of Emerson College (the “College”) during the year ended June 30, 2024. The Schedule is presented on an accrual basis and in accordance with the provisions of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). 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 College has not elected to utilize the 10% de minimis indirect cost rate in Part 200.514 of the Uniform Guidance.
The College administers the Federal Perkins Loan Program. Due to changes in federal law, issuance of new Perkins loans ended as of June 30, 2018. The amount of Perkins loans included on the Schedule includes the outstanding balance as of June 30, 2023 of $685,505, less principal payments of $184,318. The outstanding loan balance as of June 30, 2024 was $501,187.
Title: Federal Direct Loan Program
Accounting Policies: SEFA Notes 1 and 2: Definition of a Reporting Entity and Basis of Presentation: The accompanying supplementary schedule of expenditures of federal awards (the “Schedule”) presents all expenditures of federal award programs of Emerson College (the “College”) during the year ended June 30, 2024. The Schedule is presented on an accrual basis and in accordance with the provisions of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). 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 College has not elected to utilize the 10% de minimis indirect cost rate in Part 200.514 of the Uniform Guidance.
During the year ended June 30, 2024, the College processed $59,050,758 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, 2024.
Title: Subrecipient Payments
Accounting Policies: SEFA Notes 1 and 2: Definition of a Reporting Entity and Basis of Presentation: The accompanying supplementary schedule of expenditures of federal awards (the “Schedule”) presents all expenditures of federal award programs of Emerson College (the “College”) during the year ended June 30, 2024. The Schedule is presented on an accrual basis and in accordance with the provisions of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). 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 College has not elected to utilize the 10% de minimis indirect cost rate in Part 200.514 of the Uniform Guidance.
The College did not provide federal funds to subrecipients for the year ended June 30, 2024.