Notes to SEFA
Title: NOTE 1
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 theUniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule)includes the federal award activity of Springfield Technical Community College (anAgency of the Commonwealth of Massachusetts) (the College) under programs of theFederal Government for the year ended June 30, 2022. The information on thisSchedule is prepared in accordance with the requirements of Title 2 U.S. Code ofFederal Regulations Part 200, Uniform Administrative Requirements, Cost Principles,and Audit Requirements for Federal Awards (Uniform Guidance). Because theSchedule presents only a selected portion of the operations of the College, it is notintended to, and does not, present the financial position, changes in net position or cash flows of the College.
Title: NOTE 4
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 theUniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The College disbursed $2,654,574 of loans under the Federal Direct Student Loansprogram, which include Stafford Subsidized and Unsubsidized Loans and Parent PlusLoans. It is not practical to determine the balances of the loans outstanding to students of the College under the program as of June 30, 2022. The College is only responsible for the performance of certain administrative duties and, accordingly, these loans are not included in the Colleges financial statements.