Notes to SEFA
Title: Summary of Significant Accounting Policies
Accounting Policies: Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards includes the federal award activity of Emmanuel College under programs of the federal government for the year ended June 30, 2023. Because Federal Higher Education Emergency Relief Funds are multi-year programs, the lines for those programs also include a column showing the cumulative award amounts and the cumulative amount expended. The information on this Schedule is prepared 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 assets, or cash flows of the College. Basis of Accounting: The Schedule of Expenditures of Federal Awards of Emmanuel College has been prepared 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. The College has elected to not use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards includes the federal award activity of Emmanuel College under programs of the federal government for the year ended June 30, 2023. Because Federal Higher Education Emergency Relief Funds are multi-year programs, the lines for those programs also include a column showing the cumulative award amounts and the cumulative amount expended. The information on this Schedule is prepared 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 assets, or cash flows of the College. Basis of Accounting: The Schedule of Expenditures of Federal Awards of Emmanuel College has been prepared 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. The College has elected to not use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Federal Direct Student Loans
Accounting Policies: Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards includes the federal award activity of Emmanuel College under programs of the federal government for the year ended June 30, 2023. Because Federal Higher Education Emergency Relief Funds are multi-year programs, the lines for those programs also include a column showing the cumulative award amounts and the cumulative amount expended. The information on this Schedule is prepared 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 assets, or cash flows of the College. Basis of Accounting: The Schedule of Expenditures of Federal Awards of Emmanuel College has been prepared 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. The College has elected to not use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Emmanuel College administers federal direct student loan programs including Stafford, Unsubsidized Stafford and PLUS Loans. During the fiscal year ended June 30, 2023, students received $1,097,030 Stafford, $1,492,859 Unsubsidized Stafford and $2,173,854 PLUS Loans. These loans are federally guaranteed.