Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Millsaps College (the College) 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 the College, it is not intended to and does not present the financial position, changes in net assets or cash flows of the College.
The Federal Perkins Loan Program is administered directly by the College, and balances and transactions relating to this program are included in the College’s consolidated financial statements. The accompanying Schedule includes the beginning-of-the-year balance of loans outstanding under the Federal Perkins Loan Program, current year Federal Perkins Loan Program loan advances to students and an administrative cost allowance totaling $210,826, $0 and $0, respectively, at June 30, 2025. The balance of loans outstanding under the Federal Perkins Loan Program was $141,067 at June 30, 2025.
For purposes of the Schedule, loans made to students under the Federal Direct Loan Program are presented as federal expenditures. Neither the funds advanced to students nor the outstanding loan balance are included in the consolidated financial statements, since the loans are made and subsequently collected by the federal government.
The College did not pass through any expenditures of federal awards to subrecipients during the year ended June 30, 2025.