Notes to SEFA
The Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of 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 (Uniform Guidance). Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. 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. All of the University’s federal awards were in form of cash assistance for the year ended June 30, 2025. The University had no federally funded insurance programs or loan guarantees during the year ended June 30, 2025. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. There are no subrecipient expenditures. The University did not elect to use the 10% de minimus cost rate.
During the fiscal year ended June 30, 2025, the University processed the following amount of new loans under the Federal Direct Student Loan Program: Assistance Listing Federal Expenditures Federal Direct Student Loans Program 84.268 $ 7,363,991