Notes to SEFA
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Asbury Theological Seminary (the “Seminary”) under programs of the federal government for the year ended June 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 Seminary, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Seminary.
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 shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
The Seminary did not elect to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Seminary did not pass any federal funds to subrecipients for the year ended June 30, 2025.
For the year ended June 30, 2025, the Seminary processed loans of $3,816,971 (net of loan and origination fees) of new loans under the Federal Direct Student Loans Program (Assistance Listing Number (AL) No. 84.268) which includes unsubsidized and Plus loans for Graduate Students. The Seminary is responsible only for the performance of certain administrative duties with respect to the Federal Direct Student Loan Program. Accordingly, it is not practical to determine the balance of loans outstanding to students and former students of the Seminary under the program at June 30, 2025.