Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of The Culinary Institute of America (the “College”) for the year ended May 31, 2025 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). Because the Schedule presents only a selected portion of the operations of the College, it is not intended to and does not present the financial position, change in net assets, or cash flows of the College. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the basic consolidated financial statements.
The College has not elected to utilize the 10% de minimus indirect cost rate in Part 200.514 of the Uniform Guidance.
(a) Federal Perkins Loan Program The College participates in the Federal Perkins Loan Program. No loans were disbursed during the year ended May 31, 2025. The University liquidated their Perkins loan program in accordance with the Department of Education procedures during the year ended May 31, 2025. The outstanding balance of loans receivable under this program totaled $0 at May 31, 2025. (b) Federal Direct Student Loan Program During the year ended May 31, 2025, the College processed $32,073,832 of new loans under the Federal Direct Student Loan Program (which includes subsidized and unsubsidized Federal Direct Stafford Loans, Federal Direct Parents’ Loans for Undergraduate Students, and Graduate Plus Direct Loans). With respect to the Federal District Student Loan program, the College is only responsible for the performance of certain administrative duties; therefore, the College’s consolidated financial statements do not include any amounts relative to these loans. The cumulative amount of total loans guaranteed and outstanding at May 31, 2025 is impracticable to determine.