Notes to SEFA
The accompanying supplementary schedule of expenditures of federal awards presents all expenditures of federal award programs of Emmanuel College (the College) during the year ended June 30, 2025.
The supplementary schedule of expenditures of federal awards 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.
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, 2025 is $858,791. The outstanding balance as of June 30, 2024 is $996,609.
During the year ended June 30, 2025, the College processed $12,847,554 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, 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, 2025.
The College has not elected to utilize the 10% de minimus indirect cost rate in Part 200.514 of the Uniform Guidance.