Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes federal awards activity of Taylor University and Affiliates 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 (CFR) 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 Taylor University and Affiliates, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Taylor University and Affiliates. All programs are for the contract period June 1, 2024 to May 31, 2025.
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, if any, shown on the Schedule 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 as allowed under the Uniform Guidance. The indirect cost rate used to allocate amounts to grant programs during the fiscal year ended May 31, 2025, is based on a federally negotiated higher education rate agreement. No funds were identified as having been provided to subrecipients by the University under the meaning of Section 200.92 and 200.93 of Title 2 CFR Part 200, and accordingly, no funds identified in the Schedule of Expenditures of Federal Awards are attributable to subrecipient entities as required under Section 200.330(a) of Title 2 CFR Part 200.
The amount presented on the schedule of expenditures of federal awards for the Federal Perkins Loan Program represents loan balances outstanding at May 31, 2024 plus current year loan disbursements for which the government imposes continuing compliance requirements. The University had $160,677 loan balances outstanding at May 31, 2025. As a result of the federal government’s decision to discontinue the Perkins Loan Program, no additional loans were issued during the current year nor were there any federal capital contributions or University matches for the Federal Perkins Loan Program for the year ended May 31, 2025.
The University maintains property and liability insurance which management believes is sufficient to meet its needs. None of the insurance coverages is directly funded by federal awards.
There was no noncash assistance received by the University related to federal awards during the year ended May 31, 2025.