The accompanying schedule of expenditures of federal awards includes the federal grant activity of Molloy University (the “University”) for the year ended June 30, 2025. The information presented on this schedule has been prepared on the accrual basis of accounting and is presented in accordance with the provisionof the Title 2 U.S. Code of Federal Regulations 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 basic financial statements.
The University is responsible only for the performance of certain ongoing administrative duties with respect to the Federal Direct Loan Program (Federal Stafford and PLUS loans). Accordingly, the outstanding loan balances under this program are not included in the University’s basic financial statements. It is not practical to determine the balance of loans outstanding to students of the University under this program at June 30, 2025. In addition, the value of outstanding Federal Perkins Loan Program and Federal Nursing Faculty Loan Program balances at June 30, 2025 totaled $436,000 and $836,029, respectively.
The federal student loan program listed below is administered directly by the University, and balances and transactions relating to this program are included in the University’s financial statements. Loan activities and balances consist of the following: Perkins Loan Program - Federal Assistance Listing Number 84.038, Balance as of July 1, 2024 $567,070, Loans Issued $0, Payments Received ($131,070), Balance as of June 30, 2025 $436,000, Federal Nursing Faculty Loan Program - Federal Assistance Listing Number 93.264, Balance as of July 1, 2024 $887,457, Loans Issued $115,739, Payments Received ($167,167), Balance as of June 30, 2025 $836,029
The University has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance as indirect cost allowances recovered under government grants are based on an approved indirect cost rate negotiated with the cognizant government granting agency.