The reporting entity for the purposes of the accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance (the “Schedule”) is St. Thomas University, Inc. (the “University”). The accompanying Schedule includes the federal awards and state projects of the University under programs of the federal and state governments for the year ended June 30, 2025. The federal award expenditures are 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”). State expenditures are recognized in accordance with Chapter 10.650, Rules of the Auditor General of the State of Florida (“Chapter 10.650”). 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.
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 and Chapter 10.650, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The federal student loan programs listed subsequently are administered 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 and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at June 30, 2025 consists of Program Title: Federal Perkins Loan Program, Federal CFDA Number: 84.038, Amount Outstanding: $551,348, Program Title: Nursing Faculty Loan Program, Federal CFDA Number: 93.264, Amount Outstanding: $86,776. The Perkins Loan Program was not renewed by Congress effective September 20, 2017, and no new loans were issued after that date. The University is currently in the process of completing the mandatory assignment of loans where applicable and the purchase of loans where required by the U.S. Department of Education. The University continues to service and collect on the remaining outstanding loans. Any loans collected are returned to the government and the University’s operating fund proportionally. New loans made under the nursing faculty loan program during the year ended June 30, 2025 totaled $20,000.
There were no federal awards or state financial assistance provided to subrecipients.
The University has elected not to use the de minimis indirect cost rate allowed under the Uniform Guidance during the year ended June 30, 2025. For the federal financial aid program, the University has elected to use the 5% administrative cost allowance based on the U.S. Department of Education Federal Student Aid Handbook. The University used a 10% indirect cost rate for the Public Guardianship State program.
The Refugee and Entrant Assistance grant agreement (the “Grant”) between the University and the U.S. Department of Health and Human Services is based on a negotiated “fee for services”. The Grant provides services in Miami-Dade County. Youth Co-op, Inc. is the fiscal agent for this grant. Payments received during fiscal year ending June 30, 2025 for services provided to clients totaled $1,478,055.