Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Thomas Edison State University and its Affiliate the New Jersey State Library (the Organization) and is presented on the accrual basis of accounting. 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). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the 2025 basic financial statements.
The Organization has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Organization is responsible only for the performance of certain administrative duties with respect to the Federal Direct Student Loans program and, accordingly, these loans are not included in the Organization’s basic financial statements. It is not practical to determine the balance of loans outstanding to students of the Organization under this program as of June 30, 2025.
The balance of the Nurse Faculty Loan Program for the year ended June 30, 2025 is as follows: Beginning balance-$61,481, New loans issued-$117,123, Payments-$0, Cancellations-$0, Ending balance-$178,604