The accompanying schedule of expenditures of federal awards (the Schedule) presents the activity of all federal award programs of the University of Richmond and its affiliates (the University) for the year ended June 30, 2025. All federal awards received directly and indirectly from federal agencies are included in this Schedule. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administration Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the consolidated financial statements. Although the University is required to match certain amounts, as defined in the grant agreements, no such matching has been included in this Schedule. 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, activities, and cash flows of the University.
The accompanying Schedule is presented using the accrual basis of accounting. Expenditures for federal student financial assistance programs are recognized as incurred and include grants to students under the Federal Pell Grant and Federal Supplemental Educational Opportunity Grant Programs, student earnings under the Federal Work Study Program, and administrative cost allowances, where applicable. Expenditures for loans related to the Federal Direct Loan Program are reported in the Schedule when disbursed. Expenditures for other federal awards are recognized as incurred using the cost accounting principles contained in Uniform Guidance. Under these cost principles, certain types of expenses are not allowable or are limited as to reimbursement. The University has not elected to use the de minimis indirect cost rate discussed in Uniform Guidance Section 200.414.
New loans made during the fiscal year and loans from previous fiscal years for which the University has continuing compliance requirements to adhere to related to the Federal Perkins Loan Program are reported in the Schedule. The Federal Perkins Loan Program (Assistance Listing Number 84.038) (Perkins) is administered directly by the University and the current year loaned amount under Perkins was $0. The total amount of Perkins loans outstanding at June 30, 2025 under the program was $377,408 and is included in other assets in the University’s consolidated statement of financial position as of June 30, 2025. The amount of Perkins loans on the Schedule includes the outstanding loan balance as of July 1, 2024, the current year loaned amount, and administrative charges, if applicable, less any repayments made to the Federal Government. No additional loans will be made under this program as the program has been closed. The University's Federal Perkins Loan Program included outstanding loan balances of $4.6 million, for which $4.2 million has been remitted back to the Federal government as of June 30, 2025.
The University participates in the Federal Direct Loan Program (AL Number 84.268) (the Program), which includes the Federal Direct Subsidized Loan Program, the Federal Direct Unsubsidized Loan Program, and the Federal Direct PLUS Program. The Program requires the University to request cash from the U.S. Department of Education and disburse such funds. The University is responsible only for the performance of certain administrative functions with respect to the Program, and accordingly, these loans are not included in the University’s consolidated financial statements. It is not practicable to determine the balance of loans outstanding to students and former students of the University under the Program at June 30, 2025.
Reconciliation of Schedule of Expenditures of Federal Awards to Consolidated Statement of Activities Federal grant expenditures per the Schedule (Total expenditures less loan programs) $ 6,377,258 Less: Federal grants considered agency transactions (3,719,745) Add: Nonfederal grants and contracts 722,213 Grants and contracts per Consolidated Statement of Activities $ 3,428,725