Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the ”Schedule”) summarizes the expenditures of Villanova University and Subsidiaries (the “University”) under programs of the federal government for the year ended May 31, 2025. The information presented in the Schedule is presented on the accrual basis of accounting, which is in accordance with the 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 the federal award activity of the University, it is not intended to and does not present the financial position, changes in net assets and cash flows of the University. The University applies its predetermined approved facilities and administrative rate when charging indirect costs to federal awards rather than the 10% de minimis cost rate as described in Section 200.414 of the Uniform Guidance. For purposes of the Schedule, federal awards include all grants, contracts and similar agreements entered into directly between the University and agencies and departments of the federal government and all sub awards to the University by nonfederal organizations pursuant to federal grants, contracts and similar agreements. Negative numbers in the Schedule represent adjustments to amounts reported in prior years in the normal course of business. Federal Assistance Listing numbers (ALN) and pass through numbers are provided when available.
The Federal Perkins Loan Program (ALN 84.038) is administered directly by the University and balances and transactions relating to this program are included in the University’s consolidated financial statements. The amount of Federal Perkins loans outstanding at May 31, 2025 totaled $656,078. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. This program did not have an administrative cost allowance for the year ended May 31, 2025. The Nursing Student Loan Program (ALN 93.364) is administered directly by the University and balances and transactions relating to this program are included in the University’s consolidated financial statements. The amount of Nursing Student loans outstanding at May 31, 2025 totaled $437,205. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. This program did not have an administrative cost allowance for the year ended May 31, 2025. The Nursing Faculty Loan Program (ALN 93.264) is administered directly by the University and balances and transactions relating to this program are included in the University’s consolidated financial statements. The amount of Nursing Faculty loans outstanding at May 31, 2025 totaled $2,610,739. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. This program did not have an administrative cost allowance for the year ended May 31, 2025.