Notes to SEFA
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of the College 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 College, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of the College.
The College provided no federal awards to subrecipients.
The Direct Student Loans Program consists of subsidized, unsubsidized, and graduate plus federal Stafford Loans. Federal statute requires that proceeds from Stafford Loans be disbursed to the College to be directly applied to students' accounts. New loans processed for students during the year ended June 30, 2025 were as follows: Program Title Federal Assistance Listing Number Amount Provided Federal Direct Student Loans Stafford Subsidized 84.268 $ 6,081,718 Graduate Plus 84.268 131,171 Unsubsidized 84.268 2,502,473 $ 8,715,362
The Perkins federal student loan program is administered directly by The Columbus College of Art and Design, and balances and transactions relating to this program are included in The Columbus College of Art and Design's basic financial statements. The Federal capital contributions portion of the loans outstanding at the end of the year are included in the federal expenditures presented in the Schedule. The total balance of Perkins loans outstanding at the end of the year totaled $198,598. There were no new loans during the year as the program has been discontinued.