Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of Simmons University (the “University”) 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 (the “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 financial position, changes in net assets or cash flows of the University.
The 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 University is responsible for the performance of certain administrative duties with respect to the Perkins Loan Program. The program has been terminated by the Department of Education and therefore no new loans were made during the year ended June 30, 2025. At June 30, 2025, the University had assigned all outstanding Perkins Loan balances to the U.S. Department of Education and final closeout of the program is expected in fiscal 2026.