Notes to SEFA
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The Federal Perkins Loan Program is administered directly by the University and balances and transactions relating to this program are included in the University’s financial statements. The balance of loans outstanding under the Federal Perkins Loan Program was $78,973 with an allowance for credit losses of $21,044 at May 31, 2025.