Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of The University of the South (the “University”) and 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 (“Uniform Guidance”). Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in, the preparation of the consolidated financial statements.
The Federal Perkins Loan Program is administered directly by the University. Balances and transactions relating to this program are included in the University’s consolidated financial statements. In accordance with the Federal Perkins Loans closing guidelines, no new loans are allowed, and no new loans were disbursed by the University for the year ended June 30, 2025. See Notes to the SEFA for Chart/Table. Under the Perkins Loan Program, cash on hand at June 30, 2025 was $61,645.
During the fiscal year ended June 30, 2025, the University processed $7,384,282 of new loans under the Federal Direct Student Loans program (assistance listing number 84.268). The University is responsible only for the performance of certain administrative duties with respect to the Federal Direct Student Loans program and, accordingly, these loans are not included on the University’s consolidated financial statements; furthermore, it is not practical to determine the balance of loans outstanding to students and former students of the University under these programs at June 30, 2025.