Notes to SEFA
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Belhaven University (University) 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 Belhaven University, it is not intended to and does not present the financial position, changes in net assets or cash flows of the University.
For purposes of the Schedule, loans made to students under the Federal Direct Student Loans Program are presented as federal expenditures. Neither the funds advanced to students, nor the outstanding loan balance are included in the financial statements since the loans are made and subsequently collected by the federal government.