Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Fordham University (the University) under programs of the federal government for the year ended June 30, 2025. The information in the 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 (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.
Expenditures reported on the Schedule are reported on the accrual basis of accounting and recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
The University has not elected to use the de minimis indirect cost rate allowed under the Uniform Guidance. The University utilizes the federal approved negotiated indirect cost rate.
The University is only responsible for the performance of certain administrative duties in connection with the Federal Direct Student Loan Program. Accordingly, the University’s financial statements do not include the lending and collection activities associated with this program. The Schedule includes the amounts awarded to students during the year ended June 30, 2025. It is not practical to determine the balances of loans outstanding to students of the University under this program.
The University extended loans through a revolving federal loan program which ended in fiscal year 2018. The expenditures on the Schedule related to the Federal Perkins Loan Program represent the beginning of year (July 1, 2024) balance of $1,527,471. Perkins loans outstanding at June 30, 2025 were $1,167,301. The University returned $455,575 to the U.S. Department of Education in fiscal 2025.