Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the Federal grant activity of Pennsylvania’s State System of Higher Education Foundation 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 this Schedule presents only a selected portion of the operations of the Foundation, it is not intended to and does not present the financial position, changes in net assets or cash flows of Pennsylvania’s State System of Higher Education Foundation.