Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant 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). 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 or the University.
The University is responsible for the performance of certain administrative duties with respect to the Federal Direct Loan Program; accordingly, it is not practical to determine the balance of loans outstanding to students and former students of the University under this program at June 30, 2025. The following schedule represents loans outstanding and advanced by the University as of and for the year ended June 30, 2025:
Predetermined fixed facilities and administrative costs rates have been approved as follows: These rates are applied to direct salaries and wages, excluding all fringe benefit costs, for on-campus programs. The University does not utilize the 10% de Minimis indirect cost rate.
The Federal Perkins Loan Program is administered directly by the University, and balances and transactions relating to this program are included in the University's financial statements. Loans outstanding at the beginning of the year plus loans made during the year are included in the federal expenditures presented in the Schedule. As of June 30, 2025, the University had one loan outstanding, totaling $3,000, under the Federal Perkins Loan Program, as most loans were liquidated. No new loans were awarded and disbursed for the year ended June 30, 2025. The University provided an original written notice to liquidate the Federal Perkins Loan program to the U.S. Department of Education (the Department) on April 5, 2025. The submission process to the Department is still ongoing. As required, the University notified the auditor of the Perkins Loan Liquidation process and indicated that the University elected to incorporate the Perkins closeout audit within the University's regular audit in accordance with the requirements of the Uniform Guidance. The University notified the borrowers and its third party service provided that the University intended to liquidate and assign all outstanding Perkins loans to the Department on April 5, 2025. Upon acceptance of the assigned loans, the Department became the holder of the loans and assumed responsibility for the collection of the balance owed.