Notes to SEFA
The University is responsible only for the performance of certain administrative duties with respect to the Federal Direct Loan Program and, accordingly, these loans are not included in the financial statements of the University. It is not practical to determine the balance of loans outstanding to students and former students of the University under this program as of June 30, 2025. The current expenditures under the Federal Direct Loan Program of $8,917,655 are included in the accompanying Schedule of Expenditures of Federal Awards.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Midway University, Inc. (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 (CFR) 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 of the University.