Notes to SEFA
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Albertus Magnus College (the "College") 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 (the "Uniform Guidance"). Because the Schedule presents only a selected portion of the operations of the College, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the College.
The College administers the Federal Perkins Loan Program ("FPLP") (Assistance Listing Number # 84.038) except for functions performed by Educational Computer Systems, Inc. Outstanding loans relating to these programs are included in the College's financial statements. The total outstanding balance of loans made to eligible students under the FPLP at June 30, 2025 is $155,231. The College did not advance any funds under the FPLP during the year ended June 30, 2025.
Student Loan Program (Assistance Listing Number # 84.268) to eligible students was $12,803,184. The College is responsible only for the performance of certain administrative duties with respect to this program and, accordingly, these loans are not included in the College's basic financial statements. It is not practical to determine the balance of loans outstanding to students of the College under this program as of June 30, 2025.