Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of Salve Regina University (the “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. Because the Schedule presents only a selected portion of the operations of the University, it is not intended to and does not present the consolidated financial position, changes in net assets or cash flows of the University. The University includes loans granted under the Federal Perkins Loans Program, Nursing Student Loans Program and Federal Direct Student Loans Program as expenditures of Federal awards.
The federal student loan programs listed subsequently are administered directly by the University and balances and transactions relating to these programs are included in the University’s basic consolidated financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding consists of the following at June 30, 2025: SEE FINANCIAL STATEMENTS FOR TABLE.