The student financial assistance cluster includes those awards that provide general student financial assistance. These include the Federal Pell Grant (“Pell”), Teacher Education Assistance for College and Higher Education Grants (“TEACH”), Federal Supplemental Educational Opportunity Grants (“FSEOG”), and Federal Work-Study (“FWS”) Programs. The University manages a portfolio of loans related to the Federal Perkins Loan Program. Federally guaranteed loans are issued to students of the University under the Federal Direct Student Loan Program. In addition, the Pell, FSEOG, and FWS programs provide for recovery of administrative cost allowances which are presented and included in the accompanying Schedule.
Expenditures for other federal awards are determined using the cost principles and procedures set forth in OMB Uniform Guidance, Cost Principles. Under these principles, certain expenditures are not allowable or are limited as to reimbursement. Expenditures consist of direct and indirect costs. Direct costs are those that can be specifically identified with a particular sponsored project. Indirect costs are the costs of services and resources that benefit sponsored projects as well as non-sponsored projects and activities. The University and federal agencies use an indirect cost rate to charge facility and administrative costs to particular sponsored projects. The rate is the result of a number of cost allocation procedures that the University uses to allocate its facility and administrative costs to both sponsored and non-sponsored activities. The rate that the University uses to charge indirect costs to federally sponsored projects is subject to review and approval by the U.S. Department of Education. The University does not receive any Federal awards with indirect cost rate provisions, therefore the University has not elected to utilize the 10% deminimus indirect cost rate for the year ended June 30, 2025, as permitted by Uniform Guidance.
Under the terms of the FSEOG Program, the University is required to match 25% of the costs associated with grants to students. Similarly, under the terms of the FWS Program, the University is required to match 25% of the costs of student wages earned. For the year ended June 30, 2025, the University met its matching requirements for FSEOG and FWS with restricted expendable and unrestricted expenditures totaling $3,542,204 and $4,318,553, respectively.
The University is responsible for certain aspects of the Federal Perkins Loan Program. During the year ended June 30, 2025, the University did not make any loans under the Federal Perkins Loan Program. The University's basic financial statements include the programs' net position and transactions. There are no loans outstanding under this program as of June 30, 2025. The beginning balance of loans outstanding under the Federal Perkins Loan program at July 1, 2024 was $1,349,797. With respect to the Federal Direct Student Loan Program, the University is only responsible for the performance of certain administrative duties. Therefore, the net position for this program is not included in the University's basic financial statements. It is not practicable to determine the balance of loans outstanding to students of the University under this program at June 30, 2025.
The University did not pass any funding through to subrecipients during the year ended June 30, 2025.
The University incurred expenditures as a result of the September 2021 Hurricane Ida. In 2025, the University received approval of disaster relief assistance of $890,232 from the Federal Emergency Management Agency (FEMA). The amount reported on the Schedule for the year ended June 30, 2025 represents costs incurred related to the aforementioned approved disaster relief assistance. The amount does not include expenditures incurred that have been covered by insurance proceeds. During 2025, the University did not receive any amounts incurred related to FEMA.