Notes to SEFA
The accompanying supplementary schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Endicott College (the College) and is presented on the accrual basis of accounting and in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in, the preparation of the financial statements. There were no expenditures of federal awards passed through other government agencies for the year ended June 30, 2025.
The College made $31,877,653 of loans under the Federal Direct Loan Program, which includes Direct Subsidized and Unsubsidized Loans and Direct Parents’ Loans for Undergraduate Students. The College is responsible only for the performance of certain administrative duties and, 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 as of June 30, 2025.
During the year ended June 30, 2025 there were no loans advanced under the Federal Perkins Loan Program. There were no administrative cost allowance claimed for the year ended June 30, 2025. As of June 30, 2025 and 2024, the Perkins loans receivable balances were $7,641 and $19,552, respectively. The College is continuing to service loans under the Perkins programs; however, no new loans were made subsequent to September 30, 2017.
The College administers the Nursing Faculty Loan Program. Expenditures from Nursing Faculty Loan Program include loans to students of $468,434. The outstanding balance as of June 30, 2025 and June 30, 2024 was $1,485,809 and $1,108,086, respectively.
The College has elected to not utilize the 10% de minimus indirect cost rate in Part 200.514 of the Uniform Guidance.