Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awards activity of the University under programs of the federal government for the year ending April 30, 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.
The University has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The University administers the Federal Perkins Loan Program (the Program). During the year ended April 30, 2025, there were no disbursements for loans to students and no administrative cost allowances. The loan balance outstanding at April 30, 2025, was $4,611,670, net of an allowance for credit losses. No further loan disbursements can be made due to regulation changes to the Program. Schools have the option of continuing to collect on outstanding loan balances or can voluntarily liquidate the Program. The University has no current plans to begin the Program liquidation process.