Purpose—The purpose of the Schedule of Expenditures of Federal Awards (“Schedule”) is to present a summary of the expenditures of Loyola University Chicago (LUC) for the year ended June 30, 2025, that have been financed by the federal government. Direct federal programs are presented by the federal government Assistance Listing Number (ALN) and, where applicable, the major subdivision within the agency. Subgrant programs are presented by each pass-through organization that granted federal funds to LUC. Amounts disbursed to subrecipients represent amounts LUC has passed through to other organizations. Because the Schedule presents only a selected portion of the transactions of LUC, it is not intended to, and does not, present the financial position, activities or cash flows of LUC. Basis of Accounting—The accompanying Schedule has been prepared from LUC’s accounting records. LUC’s accounting records for federal awards are maintained principally on the modified cash basis except for purchases of capital items, which are recorded as expenditures. All program cash received includes federal and state matching funds if the pass-through agency could not separately identify the federal portion. As LUC has a federally negotiated indirect cost rate in effect for the year ended June 30, 2025, LUC did not elect to use the de minimis cost rate.
The major federal program administered by LUC during the year ended June 30, 2025, was the Student Financial Assistance cluster. The Student Financial Assistance cluster is defined by the Uniform Guidance as including those programs of general student assistance, such as those authorized by Title IV of the Higher Education Act of 1965, as amended, which is administered by the U.S. Department of Education, and similar programs provided by other federal agencies.
Included in the major program student financial assistance section of the Schedule is the total amount of expenditures from the administrative cost allowance provided by the Federal Work-Study Program (ALN #84.033).
During the year ended June 30, 2025, LUC did not expend any non-monetary assistance. In addition, LUC did not have any federal insurance in effect during the year ended June 30, 2025, to specifically cover federal expenditures.
The outstanding balances of those loan programs for which the Federal Government imposes continuing compliance requirements are as follows: Program ALN # Outstanding Balance as of June 30, 2025 Federal Perkins Loan Program 84.038 $ 2,154,214 Nursing Faculty Loan Program 93.264 1,323,969 Nursing Student Loans 93.364 1,003,443 Total $ 4,481,626 The amount of loans outstanding at the beginning of the year and loans made during the year for these programs are included in the federal expenditures presented in the Schedule.
The federal expenditure dollar threshold used to distinguish between Type A and Type B programs for fiscal year 2025 was $1,237,217.
There were no current-year, or prior-year financial statements or federal award findings required to be reported in accordance with the Uniform Guidance.