Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of Northeast Alabama Community College (the “College”) under programs of the federal government for the year ended September 30, 2025. The information in this schedule is presented 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.
The Direct Loan program enables an eligible student or parent to obtain a loan to pay for the student’s cost of attendance directly through the College rather than through private lenders. As a college qualified to originate loans, the College is responsible for handling the complete loan origination process, including funds management and promissory note functions. During the program year, the College processed approximately $1,426,587 of student loans under the Direct Loan program.