Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the University of Western States (UWS) 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 UWS, it is not intended to and does not present the financial position, changes in nets assets, or cash flows for UWS. No funds were identified as having been provided to subrecipients by UWS and, accordingly, no funds identified in the Schedule are attributable to subrecipient entities. There were no federal awards expended for non-cash assistance or insurance at period end.
Expenditures reported on the Schedule are recognized on the accrual basis of accounting. Such expenditures are reported following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
UWS has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The federal student loan program listed below is administered directly by UWS and balances and transactions relating to this program are included in UWS’s financial statements. Loans outstanding at the beginning of the period and loans made during the year ended May 31, 2025 are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at May 31, 2025 consists of: [See report for included table] On October 1, 2017, the Federal Perkins Extension Act of 2015 expired and no longer permits disbursements to students of any kind after June 30, 2018. UWS has been notified the government will begin collecting the Federal share of UWS’s Perkins Loan Revolving Funds in the future.