Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Vanguard University of Southern California and Affiliates (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 the Office of Management and Budget (OMB) Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the consolidated financial statements.
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. The University has elected not to use the de minimis indirect cost rate as allowed under the Uniform Guidance.
The federal student loan program listed subsequently is administered directly by the University and balances and transactions relating to this program are included in the University’s consolidated financial statements. The beginning balance of the loan program is included as part of the federal expenditures presented in the Schedule. The balance of loans outstanding at June 30, 2025, consists of an outstanding balance of $289,593.