Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Philadelphia College of Osteopathic Medicine Foundation and Related Entities (the Organization) under programs of the federal government for the year ended June 30, 2025. The information in the 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 Organization, it is not intended to and does not present the consolidated financial position, changes in net assets or cash flows of the Organization.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Organization has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. The Organization did not pass any federal awards through to other organizations during the year ended June 30, 2025.
The Organization is responsible only for the performance of certain administrative duties with respect to its Federal Direct Student Loan programs and, accordingly, these loans are not included in the Organization’s consolidated financial statements. It is not practicable to determine the balance of loans outstanding to students and former students of the Organization under these programs as of June 30, 2025. Loan advances during the fiscal year ended June 30, 2025 have been reflected in the Schedule. The Organization also participates in and partially administers the following student loan programs: The Organization accounts for such loan programs in separate revolving loan funds. As such, the balances and transactions of these loan programs are recorded in the Organization’s consolidated financial statements. In accordance with the Uniform Guidance, amounts on the Schedule include loans disbursed in the current year.