The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Spelman 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 Spelman College, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Spelman College. For purposes of the Schedule, federal awards include all grants, contracts and similar agreements entered into directly between the College and agencies and departments of the federal government and all subawards passed through to the College by nonfederal organizations pursuant to federal grants, contracts and similar agreements. The Schedule also denotes awards passed through from the College to other non-federal subrecipient organizations.
Expenditures for direct costs are recognized as incurred using the accrual basis of accounting and cost accounting principles of the Uniform Guidance. Under these cost principles, certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
Spelman College has not elected to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
During the fiscal year ended June 30, 2025, Spelman College processed the following amounts of loans under the Federal Direct Student Loans Program (which includes Federal Stafford Loans, Federal Parents’ Loans for Undergraduate Students and Federal Unsubsidized Stafford Loans): Assistance Total Expenditures for Fiscal Listing Number Year Ending June 30, 2025 Federal Direct Student Loans 84.268 $ 4 3,528,216
The College’s research and development cluster expenditures consisted of the following during the year ended June 30, 2025: Research and Development Cluster Summary: Department of Health And Human Services (HHS): $ 1,220,726 National Aeronautics & Space Administration 429,608 National Science Foundation 2,518,679 Department of Energy (DOE) 137,769 Environmental Protection Agency (EPA) 91,439 Intelligence Community 167,010 United States Department Of Agriculture (USDA) 43,631 Total Research and Development Cluster $ 4,608,862
The U.S. Department of Education requires private nonprofit institutions participating in Title IV programs to demonstrate financial responsibility by meeting a ratio requirement. The component of the ratio, as defined by the U.S. Department of Education, include cash and cash equivalents of $59,474,487, current accounts and contributions receivable of $47,360,399 and current liabilities of $24,997,936 as of June 30, 2025.
The Following is a summary reconciliation of total expenditures of federal awards and other financial assistance as reported to the basic financial statements issued by Ernst & Young, LLP dated December 31, 2025: Total expenditures from Schedule of Expenditures of Federal Awards Less: Federal supplemental Educational Opportunity Grants $ (327,496) Less: Federal Work-study Program (326,848) Less: Federal Pell Grants Program (6,880,440) Less: Federal Direct Student Loans (43,528,216) Federal expenditures included as expenses in the audited financial statements (51,063,000) Add: Other operating expenses 199,395,499 Total operating expenditures in the audited financial statements $ 148,332,499