Notes to SEFA
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of the Organization under programs of the federal government for the year ended June 30, 2025. The information in this Schedule is presented in accordance with the requirements of 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 a selected portion of the operations of the Organization, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of the Organization.
The Organization provided no federal awards to subrecipients.
The Federal Direct Student Loan Program consists of subsidized and unsubsidized Federal Loans and Federal PLUS Loans. Federal statute requires that proceeds from Federal Direct Loans be disbursed to the Organization to be directly applied to students’ accounts. New loans processed for students during the year ended June 30, 2025 were as follows: Program Title Subsidized $ 311,465 Unsubsidized 387,218 PLUS 38,556 $ 737,239 See