Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the Federal award activity of Morningside University for the year ended May 31, 2025. The information in this schedule is presented in accordance with the applicable requirements 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 net position, changes in net assets, or cash flows of the University.
Expenditures on the Schedule are presented on the modified accrual basis of accounting. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Such expenditures are recognized following, as applicable, the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The University has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Morningside University had the following loan balances outstanding at May 31, 2025. Loans outstanding at the beginning of the year and loans made with the current year Federal capital contribution are included in the federal expenditures presented in the schedule. There were no federal capital contributions during the year ended May 31, 2025 for the Federal Perkins Loan Program. There was a federal capital contribution during the year ended May 31, 2025 of $138,623 for the Nurse Faculty Loan Program. Federal Assistance Amount Program Listing Number Outstanding Federal Perkins Loan Program 84.038 $ 280,547 Nurse Faculty Loan Program 93.264 $ 347,765 The Federal Perkins Loan Program and Nurse Faculty Loan Program are administered directly by Morningside University, and balances and transactions related to this program are included in the University’s basic financial statements.