Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Francis Marion University (the "University") and is presented on the accrual basis of accounting. The information in the 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 (Uniform Guidance). Therefore, some amounts presented in the schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
The Direct Loan Program provides loans to students and their parents. The loans are made directly from the federal government, therefore, there is no loan balance recorded at the University. The totals of loans processed for the current fiscal year are: Direct Student Loan - Subsidized 4,530,245 $ Direct Student Loan - Unsubsidized 7,388,863 PLUS 2,810,104 14,729,212 $ The Federal Perkins Loan Program is administered directly by the University and balances and transactions relating to the program are included in the University’s financial statements. The balance of loans outstanding under the Federal Perkins Loan Program was $224,269 as of June 30, 2025. The expenditures for June 30, 2025, are calculated as follows: June 30, 2024 loan balance 287,923 $ Current year loans made- Total 287,923 $
The Nurse Faculty Loan Program is administered directly by the University and balances and transactions relating to the program are included in the University’s financial statements. The balance of loans outstanding under the Nurse Faculty Loan Program was $52,863 as of June 30, 2025. The expenditures for June 30, 2025, are calculated as follows: June 30, 2024 loan balance Current year loans made Total $ 140,180$ 140,180
The University did not pass any federal funds to subrecipients during the year ended June 30, 2025.