For purposes of the Schedule, the amount reported includes the outstanding loan balance at the beginning of the fiscal year. Due to regulation changes, no further loans can be made from the program and no administrative cost allowance can be taken from the loan fund.
During the fiscal year ended June 30, 2025, the College processed new loans, net of origination fees, under the Federal Direct Student Loan program totaling $4,322,333. For loans processed under this program, the College is only responsible for performance of certain administrative duties, and, accordingly, these loans are not included as assets in the College’s financial statements. It is not practical to determine the balance of loans outstanding and former students of the College under the Federal Direct Student Loan program as of June 30, 2025.
Grant monies received and disbursed are for specific purposes and are subject to review by the grantor agencies. Such audits may result in requests for reimbursement due to disallowed expenditures. Management does not believe that such disallowance, if any, would have a material effect on its financial position. As of June 30, 2025 there were no material questioned or disallowed costs as a result of the grant audits in process or completed.
The College received direct loan financing from the USDA’s Community Facilities direct loan program in the year ended June 30, 2019. The balance and transactions related to this loan are included in the College’s consolidated financial statements. The total balance of the loan outstanding under the USDA Community Facilities Loan Program at June 30, 2025 was $6,835,009.
The amount of total expenditures of federal awards reconciles to the revenue in the consolidated statement of activities as follows:
The College did not provide any federal funds to subrecipients nor did they receive any federal non-cash assistance, insurance, loans, or new loan guarantees for the year ended June 30, 2025.