Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards presents the activity of federal award programs administered by the College using the accrual basis of accounting. Federal awards that are included in the schedule may be received directly from federal agencies, as well as federal awards that are passed through from other government agencies. The information 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 (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements. Because the Schedule presents only a selected portion of the operations of St. Thomas Aquinas College, it is not intended to and does not present the financial position, changes in net assets, or cash flows of St. Thomas Aquinas College. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Matching costs (the College’s share of certain program costs) are not included in the reported expenditures. The basis of accounting varies by federal program consistent with the underlying regulations pertaining to each program. The amounts reported as federal expenditures were obtained from the federal financial reports for applicable programs and periods. The amounts reported in these reports are prepared from records maintained for each program, which are reconciled with the College’s financial reporting system.
Indirect costs may be included in the reported expenditures, to the extent that they are included in the federal financial reports used as the source for the data presented. The College’s policy is not to charge federal award programs with indirect costs.
The amount reported on the SEFA for direct student loans is new loans of $6,898,616.
The federal Perkins Loan program (Assistance listing Number 84.038) was administered directly by the College. During the year ended June 30, 2025 the College completed the liquidation of its Perkins Loan fund. The expenditures reported on the Schedule include the return of federal capital contributions and any related liquidation costs. The balance of loans outstanding at June 30, 2025, is $0, as the fund has been fully liquidated.
The federal Supplemental Educational Opportunity grant and the federal Work-Study Program both has 25% matching requirements. The College has met both of these matching requirements.