Title: Note 2—Student loan programs
Accounting Policies: The accompanying schedule of expenditures of federal and state awards (the “Schedule”) includes the federal and state grant activity of Southwestern University (the “University”) for the year ended June 30, 2024. The amounts included in this Schedule are presented on the accrual basis of accounting, as promulgated by accounting principles generally accepted in the United States of America. The information in the 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 (“Uniform Guidance”) and the state of Texas Uniform Grants Management Standards Single Audit Circular. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in, the preparation of, the University’s consolidated financial statements. The University has not passed through any federal or state funding to any subrecipients.
De Minimis Rate Used: N
Rate Explanation: The University did not elect to use the 10% de minimis indirect cost rate for their indirect costs
During the fiscal year ended June 30, 2024, the University processed new loans under the following student loan programs: See Notes to the SEFSA for Chart/Table. The Secretary of Education makes disbursements to students and parents for the Federal direct student loans based on eligibility as determined by the University. In accordance with the Federal Perkins loans closing guidelines, no new loans are allowed and no new loans were disbursed by the University for the years ended June 30, 2024 or 2023. At June 30, 2024, outstanding loan balances under the Federal Perkins Loans were as follows: See Notes to the SEFSA for Chart/Table.
Title: Note 3—Federal Pell Grant Program
Accounting Policies: The accompanying schedule of expenditures of federal and state awards (the “Schedule”) includes the federal and state grant activity of Southwestern University (the “University”) for the year ended June 30, 2024. The amounts included in this Schedule are presented on the accrual basis of accounting, as promulgated by accounting principles generally accepted in the United States of America. The information in the 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 (“Uniform Guidance”) and the state of Texas Uniform Grants Management Standards Single Audit Circular. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in, the preparation of, the University’s consolidated financial statements. The University has not passed through any federal or state funding to any subrecipients.
De Minimis Rate Used: N
Rate Explanation: The University did not elect to use the 10% de minimis indirect cost rate for their indirect costs
The 2024 federal expenses of the Pell Grant Program does not include $1,890 of administrative costs allowable and paid by the federal government that are presented separately in the schedule of expenditures of federal and state awards.
Title: Note 4—Matching contributions
Accounting Policies: The accompanying schedule of expenditures of federal and state awards (the “Schedule”) includes the federal and state grant activity of Southwestern University (the “University”) for the year ended June 30, 2024. The amounts included in this Schedule are presented on the accrual basis of accounting, as promulgated by accounting principles generally accepted in the United States of America. The information in the 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 (“Uniform Guidance”) and the state of Texas Uniform Grants Management Standards Single Audit Circular. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in, the preparation of, the University’s consolidated financial statements. The University has not passed through any federal or state funding to any subrecipients.
De Minimis Rate Used: N
Rate Explanation: The University did not elect to use the 10% de minimis indirect cost rate for their indirect costs
In accordance with the terms of certain federal grants, the University is required to match federal expenses. The University’s matching contributions in accordance with these provisions were as follows: See Notes to the SEFSA for Chart/Table
Title: Note 5—State loans programs
Accounting Policies: The accompanying schedule of expenditures of federal and state awards (the “Schedule”) includes the federal and state grant activity of Southwestern University (the “University”) for the year ended June 30, 2024. The amounts included in this Schedule are presented on the accrual basis of accounting, as promulgated by accounting principles generally accepted in the United States of America. The information in the 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 (“Uniform Guidance”) and the state of Texas Uniform Grants Management Standards Single Audit Circular. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in, the preparation of, the University’s consolidated financial statements. The University has not passed through any federal or state funding to any subrecipients.
De Minimis Rate Used: N
Rate Explanation: The University did not elect to use the 10% de minimis indirect cost rate for their indirect costs
During the fiscal year ended June 30, 2024, the University administered $392,017 of new loans under the Texas College Access Loans Program.