All federal grant operations of Elon University (the University) are included in the scope of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes all federal grant activity of the University under programs of the federal government for the year ended May 31, 2025. The Schedule has been prepared on the accrual basis of accounting. Expenditures for federal programs are recognized as incurred. The information in the Schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in, the preparation of the consolidated financial statements. The University’s largest federal program is the Student Financial Assistance Cluster. Student Financial Assistance includes certain awards to provide financial aid to students, primarily under the Federal Pell Grant Program (Pell), Federal Supplemental Educational Opportunity Grant (FSEOG), and Federal Work-Study (FWS) programs of the U.S. Department of Education. The University also determines eligibility for awards to make loans to eligible students under the Federal Direct Student Loan Program (Federal Subsidized Stafford Student Loans, Federal Unsubsidized Stafford Student Loans, Federal GRAD PLUS and Federal Parent Loans for Undergraduate Students) – (collectively, FDSLP), which are issued to students and parents of students by the U.S. Department of Education.
The balance of loans outstanding to the University related to the Federal Perkins Student Loan Program (FPLP) was $265,970, including an allowance for doubtful accounts of $40,000 as of May 31, 2025. There were no funds disbursed during the year ended May 31, 2025.
Students were disbursed proceeds from FDSLP loans totaling $55,405,494 from the U.S. Department of Education during the year ended May 31, 2025. The University is responsible only for the performance of certain administrative duties with respect to the FDSLP program and, accordingly, these loans are not included in the University’s consolidated financial statements. It is not practicable to determine the balance of loans outstanding to students and former students of the University under this program as of May 31, 2025.
Under the Federal Supplemental Educational Opportunity Grant and Federal Work-Study Programs, the University matched $88,527 and $176,129, respectively, in funds awarded to students for the year ended May 31, 2025 in addition to the federal share of expenditures included in the accompanying schedule.
Of the federal expenditures presented in the schedule, the University provided $35,787 in federal awards to subrecipients. The University provided $3,978 and $30,254 from the National Institute of Health Aging Research (Assistance Listing #93.866) awards to Pennsylvania State University and North Carolina A&T State University, respectively. The University also provided $1,197 and $358 from the National Institute of Cardiovascular Diseases Research (Assistance Listing #93.837) to Wake Forest University and the University of North Carolina Chapel Hill respectively.
The University has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.