The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of New York Medical College (the College) 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 the preparation of, the College’s basic consolidated financial statements. 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule, if any, represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass through entity identifying numbers are presented where available.
The College has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. The College has received approved predetermined federally negotiated indirect cost rates for federal awards.
The College offers student financial assistance through the following student loan programs: Department - Education Program - Federal Direct Student Loan Program - Unsubsidized Stafford Loans Federal assistance listing number - 84.268 Loans issued in the year ended June 30, 2025 - $30,365,558 Department - Education Program - Federal Direct Student Loan Program - Subsidized Stafford Loans Federal assistance listing number - 84.268 Loans issued in the year ended June 30, 2025 - $25,663,538 Total - $56,029,096 The College does not guarantee any federal loan funds related to the above loan programs, but instead processes and authorizes loans to students, which are issued by the federal government. The College also extends loans, through a revolving fund originally funded by the federal government, with principal and interest relating to outstanding loans being repaid to the College. Department - Education Program - Federal Perkins Loan Program Federal assistance listing number - 84.038 Outstanding balance at June 30, 2025 - $58,965 Outstanding balance at June 30, 2024 - $80,597 Loans made for the year ended June 30, 2025 - $0 Department - Health and Human Services Program - Primary Care Loan Program Federal assistance listing number - 93.342 Outstanding balance at June 30, 2025 - $112,761 Outstanding balance at June 30, 2024 - $151,574 Loans made for the year ended June 30, 2025 - $0 The expenditures reported on the Schedule for the Federal Perkins and Primary Care Loan Programs consist of the outstanding loans at June 30, 2024.