The accompanying schedule of expenditures of federal awards (the Schedule) includes federal award activity for Kentucky Christian University, Inc. (the University) under programs of the federal government for the year ended May 31, 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 the University, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the University.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. 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.
The University did not elect to use the 10% de minimis indirect cost rate. The University did not pass any federal funds to subrecipients for the year ended May 31, 2025.
The University administers a Federal Supplemental Educational Opportunity Grants Program (Assistance Listing, AL, No. 84.007) funded by the U.S. Department of Education. For the 2024-2025 award year, the U.S Department of Education granted the University a waiver of the non-federal share match requirement under the Federal Supplemental Educational Opportunity Grants Program, however, the University elected to provide a non-federal institutional share under this program. Total federal disbursements under the program for the year ended May 31, 2025 are as follows: Institution Federal Amount Amount Total Student grants $ 6,284 $ 46,406 $ 52,690 Administrative cost allowance 0 0 0 $ 6,284 $ 46,406 $ 52,690
For the year ended May 31, 2025, the University processed $2,645,697 of new loans under the Federal Direct Student Loans Program (AL No. 84.268) (which includes Stafford Loans, subsidized and 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, and accordingly, it is not practical to determine the balance of loans outstanding to students and former students of the University under the program at May 31, 2025.
The University administers a Federal Work-Study Program (AL No. 84.033) funded by the U.S. Department of Education. For the 2024-2025 award year, the U.S. Department of Education granted the University a waiver of the non-federal share match requirement under the Federal Work-Study Program. No non-federal institutional disbursements under the program were made for the year ended May 31, 2025. Additionally, no administrative cost allowance was claimed for the year ended May 31, 2025.
The University administers a Federal Perkins Loans Program (AL No. 84.038) funded by the U.S. Department of Education. Loans outstanding at the beginning of the year, Administrative Cost Allowance, and loans made during the year are included in the federal expenditures in the Schedule. At May 31, 2025, the cash and investments balances in the program totaled $35,283. At May 31, 2025, the loans receivable balance under the program was $79,195. Total disbursements under the program for the year ended May 31, 2025 are as follows: Amount Loans outstanding, June 1, 2024 $ 113,625
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 May 31, 2025 are as follows: Amount Student grants $ 1,427,725 Administrative cost allowance 1,350 $ 1,429,075