Notes to SEFA
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of the College 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 College, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the College. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The College has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The amount presented for Federal Perkins Loans represents loan balances outstanding at June 30, 2024 for which the government imposes continuing compliance requirements. The College did not disburse any Perkins loans during the 2024-2025 award year. The balance of outstanding Perkins loans at June 30, 2025 was $229,317. In addition, the College had federally-funded loan balances for Nursing Student Loans. The amount presented for the Nursing Student Loan program represents loan balances outstanding at June 30, 2024 for which the government imposes continuing compliance requirements plus $56,695, the amount the College distributed in Nursing loans during the 2024-2025 award year. The balance of outstanding Nursing Student Loans at June 30, 2025 was $295,611. The College performs origination services for the Department of Education, but does not make Federal Direct Student Loans (FDSLs). The amount presented represents the value of new FDSLs awarded during the year as follows: Federal Direct Subsidized Loans $ 1,116,857 Federal Direct Unsubsidized Loans 1,572,446 Federal Direct PLUS Loans 426,115 Total FDSLs $ 3,115,418
The College did not have any subrecipient activity for the period of July 1, 2024 through June 30, 2025.