Notes to SEFA
Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards includes the federal award activity of Emmanuel University under programs of the federal government for the year ended June 30, 2025. 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 University, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the University. Basis of Accounting: The Schedule of Expenditures of Federal Awards of Emmanuel University has been prepared 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. The University has elected to not use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Emmanuel University administers federal direct student loan programs including Stafford, Unsubsidized Stafford and PLUS Loans. During the fiscal year ended June 30, 2025, students received $1,128,265 Stafford, $1,793,331 Unsubsidized Stafford and $2,145,709 PLUS Loans. These loans are federally guaranteed.