The accompanying schedule of expenditures of federal awards presents the activity of all federal financial assistance programs of Transylvania University (the University). The grant revenue amounts received and expensed are subject to audit and adjustment. If any expenditures are disallowed by the grantor as a result of such an audit, any claim for reimbursement to the grantor would become a liability of the University. In the opinion of management, all grant expenditures are in compliance with the terms of the grant agreements and applicable federal laws and regulations. The University did not elect to use the 10% de minimis indirect cost rate and no amounts were provided to subrecipients.
The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting. 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, therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the consolidated financial statements.
The University administers a Federal Supplemental Educational Opportunity Grants Program (Assistance Listing (AL) No. 84.007) funded by the U.S. Department of Education. Total federal disbursements under the program for the year ended June 30, 2025 are as follows: Institution Federal amount amount Total Student grants $29,211 $88,500 $117,711 Administrative cost allowance - 289 289 $29,211 $88,789 $118,000
For the year ended June 30, 2025, the University processed $4,476,646 (net of loan and origination fees) of new loans under the Federal Direct Student Loans Program (AL No. 84.268) (which includes subsidized, unsubsidized, and Parents' Loans for Undergraduate Students). The University 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 University under the program at June 30, 2025.
The University administers a Federal Work-Study Program (AL No. 84.033) funded by the U.S. Department of Education. Total disbursements under the program, including the non-federal institutional share amount the University was not obligated to provide, for the year ended June 30, 2025 are as follows: Institution Federal amount amount Total Earned compensation $162,990 $127,178 $290,168
The University administers a Federal Perkins Loans Program (AL No. 84.038) funded by the U.S. Department of Education. Student loans receivable under the program at June 30, 2025 were $233,780. Total cash on hand for Perkins Program at June 30, 2025 was $122,685. Total amount considered federal expenditures for the year ended June 30, 2025 are as follows: Amount Current advances to students $- Student loan receivables July 1, 2023 334,251 Administrative cost allowance - $334,251
The University administers a Federal Pell Grant Program (AL No. 84.063) funded by the U.S. Department of Education. Total disbursements under the program for the year June 30, 2025 are as follows: Amount Student grants $1,881,614 Administrative cost allowance 1,545 $1,883,159