Graceland University and Subsidiary’s consolidated financial statements include Graceland College Center for Professional Development and Lifelong Learning, Inc. (Center). The schedule of expenditures of federal awards does not include the Center, which is not subject to compliance requirements described in the OMB Compliance Supplement. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Graceland University (the University) under programs of the federal government for the year ended May 31, 2025. 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). Because the schedule presents only a selected portion of the operations of Graceland University, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Graceland University.
At May 31, 2025, Graceland University no amounts remaining outstanding under the Federal Perkins Loan Program (ALN 84.038). The Federal Perkins Loan Program did not include a federal capital contribution or match in the current year. There were no Federal Perkins loans issued during the year. In addition to normal repayments from students, the outstanding loans under the Federal Perkins Loan Program were reduced by approximately $13,000 due to purchase of the loans by the University in connection with the liquidation of the Perkins Loan portfolio in the year ended May 31, 2025. During the fiscal year ended May 31, 2025, Graceland University issued new loans to students under the Federal Direct Loan Program (FDLP). The loan program includes subsidized and unsubsidized direct loans, Parent PLUS loans, and PLUS loans for graduate and professional students. The value of loans issued for the FDLP is based on disbursed amounts. The loan amounts issued during the year are disclosed on the Schedule. Graceland University is responsible only for the performance of certain administrative duties with respect to the federally guaranteed student loan programs and, accordingly, balances and transactions relating to these loan programs are not included in Graceland University’s basic consolidated financial statements. Therefore, it is not practicable to determine the balance of loans outstanding to students and former students of Graceland University at May 31, 2025. During the fiscal year ended May 31, 2023, Graceland University was advanced $190,434 by the Department of Health and Human Services (HHS) as a capital advance to establish the Nurse Faculty Loan Program (NFLP) (ALN 93.264) program at Graceland University. The amount reported in the Schedule of Expenditures of Federal Awards in the year ended May 31, 2025 includes the beginning balance of the loans outstanding at June 1, 2024 and the value of new loans issued in the year ended May 31, 2025. At May 31, 2025, the amount of outstanding loans under this program totaled $211,375 and the amount of cash held for this program totaled $23,852, including the institutional capital contribution to the NFLP program. At May 31, 2025, Graceland University had $4,288,488 outstanding under the Community Facilities Loan Program (ALN 10.766). There were no new borrowings under this program for the year ended May 31, 2025.
Of the federal expenditures presented in this Schedule, the University provided no federal awards to subrecipients.