Notes to SEFA
The accompanying schedule of expenditures of federal awards and state financial assistance includes the federal and state grant activity of Mars Hill University (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 basic financial statements. The University’s major federal and state programs are as follows: Federal Student Financial Assistance Cluster 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 the Federal Direct Loan Program and is responsible for certain administrative duties under the now discontinued Federal Perkins Loan Program. North Carolina (NC) Need-Based Scholarship The NC Need-Based Scholarship Program (the “Program”) is administered by the State Education Assistance Authority (the “Authority”). The Program includes state awards to provide need-based financial assistance to students. Funds for the support of the Program are contingent each year upon appropriations made available to the Authority. The Authority administers the Program as directed by the General Assembly.
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 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.