Notes to SEFA
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. Expenditures for federal student financial aid programs are recognized as incurred and include Federal Pell program grants to students, loan disbursements under the Federal Perkins Loan Programs, Federal Direct Loans and Parent Loans for Undergraduate Students (PLUS) programs (Direct Student Loans), the federal share of students’ Federal Supplemental Educational Opportunity Grant program grants and Federal Work Study program earnings, and administrative cost allowances, where applicable. Loans made under the Federal Direct and PLUS programs are disbursed by the Federal government. The Federal Perkins Loan Program ended during fiscal year 2018 and the College is making the required repayments to the government.
The Federal Perkins Loan Program (the Program) is administered directly by the College and balances and transactions relating to the Program are included in the College’s financial statements. Loans outstanding at the beginning of the year are included in the federal expenditures presented in the Schedule. The Program ended in fiscal year 2018, and there were no new loans disbursed for the year ended June 30, 2025. The balance of loans outstanding under the Program was $99,450 as of June 30, 2025. The College is responsible only for the performance of certain administrative duties with respect to the Federal Direct Student Loans, and accordingly, these loans are not included in its financial statements. The principal amount of loans disbursed under these programs during the year ended June 30, 2025, is included on the Schedule.
The College did not pass any federal awards through to subrecipients during the year ended June 30, 2025.