Notes to SEFA
The accompanying Schedule includes the federal award activity of the University under programs of the federal government for the year ended June 30, 2025, and is presented on the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of Uniform Guidance.
The Federal Perkins Loans (Assistance Listing 84.038) are administered directly by the University, and balances and transactions relating to these programs are included in the University’s basic financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. There were no new loans expended under this program during the year ended June 30, 2025. The balance of loans outstanding as of June 30, 2025, was as follows: During the year ended June 30, 2025, the University processed the following amount of new loans under the Federal Family Education Loan Programs, which includes the Stafford, PLUS Loans, and Direct Loans (Assistance Listing 84.268). These programs are administered by outside financial institutions. New loans made during the fiscal year relating to these programs are considered current year expenditures in the Schedule. Because these programs are administered by outside financial institutions, the outstanding balance as of June 30, 2025 is not included on the Schedule. The loan expenditures for the year ended June 30, 2025, was as follows:
Below is the reconciliation of the audited financial statements for the year ended June 30, 2025 to the Schedule.