Notes to SEFA
The accompanying schedule of expenditures of federal awards and state financial assistance includes the federal grant activity of the Southern Adventist University and Affiliate (the “University”) and is presented using the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the consolidated financial statements. The University’s major program is as follows: Student Financial Aid Student Financial Aid includes certain awards to provide financial aid to students, primarily under the Federal Work-Study (FWS), Federal Pell Grant (Pell), and Federal Supplemental Educational Opportunity Grant (FSEOG) programs of the U.S. Department of Education. The University also receives awards to make loans to eligible students under federal student loan programs (Federal Perkins Loan and Nursing Student Loans) and the Federal Direct Loan program.
The University is responsible only for the performance of certain administrative duties with respect to its Federal Direct Loan program and, accordingly, these loans are not included in its consolidated financial statements. It is not practicable to determine the balance of loans outstanding to students and former students of the University under these programs as of May 31, 2025.
Cumulative loans outstanding (net of principal repayments, cancellations, and allowance), including the $3,000 and $-0- of student loans advanced under the Federal Nursing Student Loan Program in 2025 and 2024, totaled $369,420 and $421,929, respectively.