Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Spalding University, Inc. (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 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 federal student loan programs listed subsequently are administrated directly by the University, and balances and transactions relating to these programs are included in the University's financial statements. Loans outstanding at the beginning of the year plus loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at June 30, 2025 include the following: The University is responsible only for the performance of certain administrative duties with respect to the Federal Direct Loan Program and, accordingly, these loans are not included in the financial statements of the University. It is not practical to determine the balance of loans outstanding to students and former students of the University under this program as of June 30, 2025. The current expenditures under the Federal Direct Loan Programs of $19,900,000 are included in the accompanying schedule of expenditures of federal awards.