Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Luther College 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 College, it is not intended to and does not present the consolidated financial position, changes in net assets or cash flows of the College.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Luther College has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Federal Perkins Loan Program is administered directly by Luther College, and balances and transactions relating to this program are included in the College's consolidated financial statements. Loans outstanding at the beginning of the year are included in the federal expenditures presented in the Schedule. There were no Federal Perkins loans made during the year ended May 31, 2025. Federal Perkins loans outstanding at May 31, 2025 totaled $720,603.