Notes to SEFA
The purpose of the Schedule of Expenditures of Federal Awards (the “Schedule”) is to present a summary of the activities of the University for the year ended June 30, 2025, which have been financed by the U.S. Government. The Schedule is presented on the accrual basis of accounting and in accordance with the requirements of Title 2 U.S. Code of Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). For the purposes of the Schedule, federal awards have been classified into two types: • Direct federal awards consisting of federal assistance and federal student financial aid, and • Pass-through funds received from nonfederal organizations made under federally sponsored programs conducted by those organizations. Because the Schedule presents only a selected portion of the activities of the University, it is not intended to and does not present either the financial position or the activities of the University. Negative numbers in the Schedule represent adjustments to amounts previously reported in the normal course of business. Full Assistance Listing Numbers (ALN) and pass-through numbers are included in the Schedule when available. Federal programs are presented by federal department and, where applicable, the funding agency within the department. Federal pass-through programs include the entity through which the University received the pass-through federal awards funding. Total expenditures, expenditures which were passed to subrecipients and lost revenues are included.
For the year ended June 30, 2025, the University has an approved predetermined indirect cost rate agreement. As such, the 10% de minimis c cost rate, as described in Section 200.414 of the Uniform Guidance, is not applicable.
The Federal Perkins Loan Program, ALN 84.038, is administered by a third-party service provider, with balances and transactions relating to this program included in the University’s financial statements. For the year ended June 30, 2025, federal expenditures presented in the Schedule include loans outstanding at the beginning of the year. Due to the cessation of the Perkins Loan Program, no new loans were made during the year. The balance of loans outstanding at June 30, 2025 was $1,139,879.