Notes to SEFA
The purpose of the schedule of expenditures of federal awards (the Schedule) is to present a summary of those activities of College of St. Scholastica, Inc. that have been financed by the United States government (federal awards). Federal awards received directly from federal agencies are included in the Schedule, as are federal guaranteed loans disbursed by other sources. Additionally, all federal awards passed through from other entities have been included in the Schedule. The College is required to match certain grant agreements, as defined in the grants, and these matching amounts are not included in the Schedule. The information in the Schedule is presented in accordance with requirements of 2 CFR 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 College, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of College of St. Scholastica, Inc.
The loan balances of federal loan programs as of June 30, 2025 are as follows: Program Title - Federal Perkins Loan Program (ALN 84.038) Loan Balance - $282,565 Program Title - Federal Nursing Loan Program (ALN 93.364) Loan Balance - $1,087,951 Loans Advanced in Current Year - $359,229 Program Title - Noyce Loan Program (ALN 47.076) Loan Balance - $151,884
The College is in compliance with the following institutional and program eligibility requirements under the Higher Education Act of 1965 and Federal regulations under 34 CFR 668.23: • Correspondence courses the institution offers under 34 CFR 600.7(b) and (g). • Regular students that enroll in correspondence courses under 34 CFR 600.7(b) and (g). • Institution’s regular students that are incarcerated under 34 CFR 600.7(c) and (g). • Completion rates for confined or incarcerated individuals enrolled in non-degree programs at nonprofit institutions under 34 CFR 600.7(c)(3)(ii) and (g). • Institution’s regular students that lack a high school diploma or its equivalent under 34 CFR 600.7(d) and (g). • Completion rates for short-term programs under 34 CFR 668.8(f) and (g). • Placement rates for short-term programs under https://www.ecfr.gov/current/title-34/subtitle-B/chapter-VI/part-668/subpart-A/section-668.8 34 CFR 668.8(e)(2).