Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) is presented on the accrual basis of accounting. The information in the Schedule is presented in accordance with Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). For purposes of the Schedule, federal awards include all grants, contracts, loans, and similar agreements entered into directly between the University and agencies and departments of the federal government and other state agencies.
The University acts as the intermediary for students participating in the Federal Direct Student Loans (Federal Assistance Listing 84.268) from the federal government. The federal government is responsible for billings and collections of the Federal Direct Student Loans. The University assists the federal government by processing the applications and applying funds to student accounts. Federal Direct Student Loans advanced to students during the fiscal year ended June 30, 2025, totaled $19,183,233, as shown per the Schedule. See the Notes to the SEFA for chart/table.
The University participates in the Federal Perkins Loan Program, as well as the Nurse Faculty Loan Program and Nursing Student Loans. Although the Perkins Loan Program ended on September 30, 2018, the University continues to service the outstanding loans. The following information details the amounts shown per the Schedule and the outstanding balances of the loans as of June 30, 2025: See the notes to the SEFA for chart/table. For the Federal Perkins Loan Program, the Nurse Faculty Loan Program and the Nursing Student Loans, the amounts reported in the Schedule represent the beginning of year outstanding balances plus the current year advances.