Notes to SEFA
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of The Juilliard School (the School) 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). Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in preparation of, the School’s financial statements. Because the Schedule presents only a selected portion of the operations of the School, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the School.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior periods.
The School has elected not to use the de minimis indirect cost rate allowed under the Uniform Guidance.
For the Federal Direct Student Loans program, the School is responsible only for the performance of certain administrative duties; therefore, the program’s net assets and transactions are not included in the School’s financial statements and it is not practicable to determine the balances of loans outstanding to students of the School under this program at June 30, 2025. The School administers and accounts for all aspects of the Federal Perkins Loan (FPL) – Federal Capital Contributions (Federal Perkins Loan Program). Accordingly, the School’s financial statements include all activity related to this program. The amount of loans outstanding at June 30, 2025 for the Federal Perkins Loan Program was $105,847. During the year ended June 30, 2025, there were no administrative costs and no loans were advanced under the Federal Perkins Loan Program.