Notes to SEFA
During the fiscal year ended June 30, 2025, the University processed new loans, net of origination fees, under the Federal Direct Student Loan program totaling $7,138,724. For loans processed under this program, the University is only responsible for performance of certain administrative duties, and, accordingly, these loans are not included as assets in the University’s financial statements. It is not practical to determine the balance of loans outstanding and former students of the University under the Federal Direct Student Loan program as of June 30, 2025.
Grant monies received and disbursed are for specific purposes and are subject to review by the grantor agencies. Such audits may result in requests for reimbursement due to disallowed expenditures. Management does not believe that such disallowance, if any, would have a material effect on its financial position. As of June 30, 2025 there were no material questioned or disallowed costs as a result of the grant audits in process or completed.
The University received direct loan financing from the USDA’s Community Facilities direct loan program in the years ended June 30, 2018 and 2019. Balances and transactions related to these loans are included in the University’s financial statements. The total balance of loans outstanding under the USDA Community Facilities Loan Program at June 30, 2025 was $34,555,152.
The University did not provide any federal funds to subrecipients nor did they receive any federal non-cash assistance, insurance, loans, or new loan guarantees for the year ended June 30, 2025.
The amount of total expenditures of federal awards reconciles to the revenue in the statement of activities as follows: