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 Springfield Technical Community College (an Agency of the Commonwealth of
Massachusetts) (the “College”) under programs of the federal government for the year ended June 30,
2024. 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 position 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 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.
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 $5,349,345 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, 2024. 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.