Notes to SEFA
The purpose of the schedule of expenditures of federal awards (the Schedule) is to present a summary of those activities of the University that have been financed by the United States government (federal awards). Federal awards received directly from federal agencies are included in the Schedule, as are federal guaranteed loans disbursed by other sources. Additionally, all federal awards passed through from other entities have been included in the Schedule. The University is required to match certain grant agreements, as defined in the grants, and these matching amounts are not included in the Schedule. The information in the Schedule is presented in accordance with requirements of 2 CFR 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 the University, it is not intended to, and does not, present the consolidated financial position, changes in net assets, or cash flows of the University.
The University had Federal Perkins Loans with continuing compliance requirements of $321,590 outstanding at June 30, 2024. During the fiscal year 2025, no new loans were made, resulting in total expenditures of federal awards for Perkins Loans of $321,590 for the year ended June 30, 2025. After considering loan receipts, cancelations, and assignments, respectively, the balance outstanding was $234,387 at June 30, 2025.
The Institution is in compliance with the following institutional and program eligibility requirements under the Higher Education Act of 1965 and Federal regulations under 34 CFR 668.23: • Correspondence courses the institution offers under 34 CFR 600.7(b) and (g) • Regular students that enroll in correspondence courses under 34 CFR 600.7(b) and (g) • Institution’s regular students that are incarcerated under 34 CFR 600.7(c) and (g) • Completion rates for confined or incarcerated individuals enrolled in non-degree programs at nonprofit institutions under 34 CFR 600.7(c)(3)(ii) and (g) • Institution’s regular students that lack a high school diploma or its equivalent under 34 CFR 600.7(d) and (g) • Completion rates for short-term programs under 34 CFR 668.8(f) and (g) • Placement rates for short-term programs under https://www.ecfr.gov/current/title-34/subtitle-B/chapter-VI/part-668/subpart-A/section-668.8 34 CFR 668.8(e)(2)