Title: Basis of presentation
Accounting Policies: The accounting policies of Springfield College conform to accounting principles generally accepted in the United States of America as applicable to not-for-profit entities.
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. All expenditures incurred under federally sponsored agreements are recognized and recorded on an accrual basis, except for sub-recipient award costs which are recognized and recorded on a cash basis.
De Minimis Rate Used: N
Rate Explanation: The College did not elect to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Springfield College (the "College") under programs of the federal government for the year ended June 30, 2023. 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 (the "Uniform Guidance"). Because the Schedule presents only a selected portion of the operations of Springfield College, it is not intended to and does not present the financial position, changes in net assets or cash flows of Springfield College.
Title: Subrecipient expenditures
Accounting Policies: The accounting policies of Springfield College conform to accounting principles generally accepted in the United States of America as applicable to not-for-profit entities.
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. All expenditures incurred under federally sponsored agreements are recognized and recorded on an accrual basis, except for sub-recipient award costs which are recognized and recorded on a cash basis.
De Minimis Rate Used: N
Rate Explanation: The College did not elect to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The College had no subrecipient expenditures for the year ended June 30, 2023.
Title: Administrative cost allowance
Accounting Policies: The accounting policies of Springfield College conform to accounting principles generally accepted in the United States of America as applicable to not-for-profit entities.
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. All expenditures incurred under federally sponsored agreements are recognized and recorded on an accrual basis, except for sub-recipient award costs which are recognized and recorded on a cash basis.
De Minimis Rate Used: N
Rate Explanation: The College did not elect to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The College claimed an administrative cost allowance of $63,157 from the Department of Education for use in administering the Federal Perkins Loan Program and Federal Pell Grant Program for the year ended June 30, 2023.
Title: Federal direct student loan program
Accounting Policies: The accounting policies of Springfield College conform to accounting principles generally accepted in the United States of America as applicable to not-for-profit entities.
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. All expenditures incurred under federally sponsored agreements are recognized and recorded on an accrual basis, except for sub-recipient award costs which are recognized and recorded on a cash basis.
De Minimis Rate Used: N
Rate Explanation: The College did not elect to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The amount of loans advanced during the year ended June 30, 2023 under the Federal Direct Student Loan Program (ALN #84.268) to students was $32,126,592, which has been reported as expenditures in the accompanying Schedule.
Title: Federal Perkins Loan Program
Accounting Policies: The accounting policies of Springfield College conform to accounting principles generally accepted in the United States of America as applicable to not-for-profit entities.
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. All expenditures incurred under federally sponsored agreements are recognized and recorded on an accrual basis, except for sub-recipient award costs which are recognized and recorded on a cash basis.
De Minimis Rate Used: N
Rate Explanation: The College did not elect to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The College administers the Federal Perkins Loan Program ("FPLP") (ALN # 84.038) except for functions performed by Educational Computer Systems, Inc. Outstanding loans relating to these programs are included in the College's financial statements. The total outstanding balance of loans made to eligible students under the FPLP at June 30, 2023 is $1,391,499. The College did not advance any funds under the FPLP during the year ended June 30, 2023.
The FPLP was not renewed by Congress after September 30, 2017, and no new disbursements were allowed after June 30, 2018. The College is assessing the close-out provisions of the FPLP as of the date of this report.