Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal activity of Georgian Court University (the “University”) under programs the Federal governments 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”). Because the Schedule presents only a portion of the operations of the University, it is not intended to and does not present the financial position, changes in net assets or cash flows of the University.
The University is responsible only for the performance of certain administrative duties with respect to its Federal Direct Student Loans programs and, accordingly, these loans are not included in the University’s financial statements. It is not practical to determine the balance of loans outstanding to students and former students of the University under these programs as of June 30, 2025. Loan advances during the fiscal year June 30, 2025 have been reflected in the Schedules.
The grant revenue amounts received are subject to audit and adjustment. If any expenditures are disallowed by the grantor agencies as a result of such an audit, any claim for reimbursement to the grantor agencies would become a liability of the University. In the opinion of management, and with the exception of certain findings presented in the accompanying schedule of findings and questioned costs, all grant expenditures are in compliance with the terms of the grant agreements and applicable federal laws and regulations.
Of the federal expenditures presented in the Schedule of Expenditures of Federal Awards, the University passed through federal awards to subrecipients for the Transition Programs for Students with Intellectual Disabilities into Higher Education (Assistance Listing Number 84.407) of $110,776 for the year ended June 30, 2025.