Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of The Colleges of Law ("COL") 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 Fedreal Awards (Uniform Guidnace). Because the Schedule presents only a portion of the operations of COL, it is not intended to and does not present the financial position, changes in net assets, or cash flows of COL. No funds were identified as having been provided to subrecipients by COL, and accordingly, no funds identified in the schedule of expenditures of federal awards are attributable to subrecipient entities. There were no federal awards expended for non-cash assistance or insurance at year-end.
Expenditures reported in 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.
COL has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
During the fiscal year ended May 31, 2025, COL issued new loans to students under the Federal Direct Student Loan Program (FDLP). The loan program includes subsidized and unsubsidized Stafford Loans and PLUS Loans for graduate and professional students. The value of loans issued for the FDLP is based on disbursed amounts. The loan amounts issued during the year are disclosed in the Schedule. COL is responsible only for the performance of certain administrative duties with respect to the federally guaranteed student loan programs and, accordingly, balances and transactions relating to these loan programs are not included in COL’s basic financial statements. Therefore, it is not practicable to determine the balance of loans outstanding to students and former students of COL at May 31, 2025.