Notes to SEFA
The accompanying schedule of expenditures of federal and state awards includes the federal and state expenditures of Virginia University of Lynchburg, Inc. (the "University") and is presented using the accrual basis of accounting. The information in this 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. The University's major federal programs are as follows: Student Financial Aid Student Financial Aid includes certain awards to provide financial aid to students, primarily under the Federal Work-Study (FWS), Federal Pell Grant (Pell), and Federal Supplemental Educational Opportunity Grant (FSEOG) programs of the U.S. Department of Education. The University also receives awards to make loans to eligible students under the Federal Direct Loan program. Higher Education Institutional Aid The institution has two grants awarded under the Title III Strengthening Historical Black Colleges and Universities. These grants are available to supplement the University's funding.
Expenditures for federal student financial aid and HEERF programs are recognized as incurred and include the federal share of students' FSEOG program grants and FWS program earnings, certain other federal financial aid for students, and administrative cost allowances, where applicable. Federal Pell Grant awards and Direct Loans are recognized
The University is responsible only for the performance of certain administrative duties with respect to its Federal Direct Loan program and, accordingly, these loans are not included in its financial statements. It is not practicable to determine the balance of loans outstanding to students and former students of the University under these programs as of June 30, 2025.