Notes to SEFA
The accompanying schedules of expenditures of federal and state awards (the Schedules) include the federal and state award activity of Mount Mary University, Inc. (the University) under programs of the federal and state government for the year ended June 30, 2025. The information in these Schedules 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) and the State Single Audit Guidelines. Because the Schedules present only a selected portion of the operations of the University, they are not intended to and do not present the financial position, changes in net assets or cash flows of the University.
The University is in compliance with the following institutional and program eligibility requirements under the Higher Education Act of 1965 and federal regulations under 34 CFR 668.23: • Correspondence courses the University offers under 34 CFR 600.7(b) and (g) • Regular students that enroll in correspondence courses under 34 CFR 600.7(b) and (g) • University’s regular students that are incarcerated under 34 CFR 600.7(c) and (g) • Completion rates for confined or incarcerated individuals enrolled in nondegree programs at nonprofit institutions under 34 CFR 600(c)(3)(ii) and (g) • University’s regular students that lack a high school diploma or its equivalent under 34 CFR 600.7(d) and (g) • Completion rates for short-term programs under 34 CFR 668.8(f) and (g) • Placement rates for short-term programs under 34 CFR 668.8(e)(2)