The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Benedictine University (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. 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. Negative amounts shown on the Schedule, if any, represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The University has elected not to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
The federal loan programs listed subsequently are 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 consists of: Outstanding AL Balance at Number Program Name May 31, 2025 84.038 Federal Perkins Loan Program $ 220,697 The amount presented in the Schedule for Federal Perkins Loans represents loan balances outstanding of $307,879 at June 1, 2024. The University did not disburse any new loans during fiscal year 2025.
The University did not receive non-cash assistance or have Federal insurance in effect for the year ended May 31, 2025.
Net assets with donor restrictions, derived from federal aid, gifts, or grants, may be used only to meet expenses for the purposes specifically identified by sponsoring agencies. Federal aid, gifts, or grants are recognized as Government grants revenue in the University’s financial statements as expended. The following is a reconciliation of total expenditures reported on the accompanying Schedule to the revenue items shown as Government grants revenue on the statement of activities included in the University’s financial statements. For financial statement purposes, Pell grants are not reflected in the statement of activities. The University records Pell grants and Perkins and Federal Direct Loans received by students through the University as intermediary transactions, and not grants. Therefore, these expenditures are presented below as federal funds for student financial assistance but are not reported as expenditures of the University. These expenditures are subtracted from the total expenditures on the Schedule of Expenditures of Federal Awards to agree with revenue on the statement of activities. Reconciling items between the total expenditures on the Schedule of Expenditures of Federal Awards and the Government grants revenue on the Statement of Activities are as follows: Total expenditures on the Schedule of Expenditures of Federal Awards $ 23,192,565 Federal funds for student financial assistance not reported as revenue of the University: Pell Grants reported as Scholarships (5,797,245) Perkins Loans (307,879) Federal Direct Loans (16,213,171) Federal Supplemental Educational Opportunity Grant (206,250) Grants reported as Private gifts and grants (169,510) Library Restoration grant #22535\Other 3,735 State Grants 2,769,372 Total government grants revenue shown on the Statement of Activities $ 3,271,617
The University did not have any subrecipients for the year ended May 31, 2025.