Notes to SEFA
With respect to the Federal Direct Student Loans Program, the School is only responsible for the performance of certain administrative duties; therefore, the transactions and balances of loans outstanding related to this program are not included in the System's consolidated financial statements. The Schedule includes the amounts loaned to students during the year ended June 30, 2025. It is not practical to estimate the outstanding balance of loans under this program.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activities of Tower Health and its subsidiaries (the System) under programs of the federal government for the year ended June 30, 2025. The School of Health Sciences (the School) provides a program of classroom and clinical preparation for the nursing profession and other allied health professionals. 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). The Schedule presents only a selected portion of the operations of the System, and it is not intended to and does not present the consolidated financial position, changes in net assets, or cash flows of the System. There were no federal funds passed through to subrecipients for the year ended June 30, 2025.
The System has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.