Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Mississippi College (the University) under programs of the federal government for the year ended May 31, 2025. 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the University, it is not intended to and does not present the financial position, changes in net assets or cash flows of the University.
During the year ended May 31, 2025, the University processed the following amount of new loans under the Federal Direct Student Loans Program: The University is responsible only for the performance of certain administrative duties with respect to the Federal Direct Loan Program and, accordingly, these loans are not included on the University’s financial statements; furthermore, it is not practical to determine the balance of loans outstanding to students and former students of the University under these programs at May 31, 2025.
The Federal Perkins Loan Program is administered directly by the University, and balances and transactions relating to these programs are included in the University’s financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The University began liquidation of the Federal Perkins Loan Program and assignment to the U.S. Department of Education during 2024 and has $0 Federal Perkins Loan Program (Assistance Listing Number 84.038) outstanding and pending assignment at May 31, 2025.
The Nursing Student Loan Program is administered directly by the University, and balances and transactions relating to these programs are included in the University’s financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at May 31, 2025 was $1,587.