Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Manhattanville University (the “University”) under programs of the federal government for the year ended June 30, 2025 and is prepared on the accrual basis of accounting. 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 (“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.
The University is responsible only for the performance of certain ongoing administrative duties with respect to the Federal Direct Loan Program. Accordingly, the outstanding loan balances under this program are not included in the University’s accompanying financial statements. It is not practicable to determine the balance of loans outstanding to students of the University under this program at June 30, 2025. For the year ended June 30, 2025, $13,923,320 of direct loans were disbursed to students. The Federal Perkins 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. As of June 30, 2025, loan activities and balances consist of the following:
The University has elected to use the 15% de minimis indirect cost rate allowed under Uniform Guidance.