Notes to SEFA
The accompanying schedule of expenditures of federal awards (Schedule) presents the activity of all federal award programs of Cecil College (College) for the fiscal 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the College’s basic financial statements. 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.
During the year ended June 30, 2025, the College processed $786,129 of new loans under the Federal Direct Lending Program. Since these programs are administered by outside financial institutions, only the value of new loans made during the fiscal year relating to these programs are considered current year expenditures in the Schedule. The balance for loans for previous periods is not included as federal awards expended because the lender accounts for the prior balances.