Notes to SEFA
Title: Federal Direct Loan Program
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, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
New England Institute of Technology disbursed $17,466,149 in loans during the year ended June 30, 2022 under the Federal Direct Loan Program. These loans were not made by New England Institute of Technology and are considered to be non-cash federal awards Expended.