Notes to SEFA
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. For the purposes of the Schedule, federal awards include all grants, contracts, and similar agreements entered into directly between the University and agencies and departments of the federal government. Student financial aid includes certain awards to provide financial assistance to students, primarily under the Federal Work-Study, Pell Grant, and Supplemental Educational Opportunity Grant programs of the Department of Education. The University receives awards to make loans to eligible students under certain federal student loan programs and federally guaranteed loans are issued to students of the University by the federal government. These loans are considered for purposes of determining whether student financial aid is a major or non-major program.
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. The balance of loans outstanding under the Federal Perkins Loan Program was $225,538 at June 30, 2025.