Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) include the federal grant activity of Rowan University (the University) and is presented on the accrual basis of accounting. The information in the 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 the Schedule may differ from amounts presented in, or used in the preparation of, the 2025 basic financial statements. The University has included expenditures on prior year grant awards where extensions have been granted from funding agencies or amounts were approved for outstanding purchase orders. Credit expenditures or expenditures occurring after the grant period end typically result from grant or contract closing adjustments and transfers to recognize awards for which the University overspent their authorized award amount and will cover the excess with institutional funds.
The University has elected not to use the de minimis indirect cost rate allowed under the Uniform Guidance.
The University administers and accounts for certain aspects of the Federal Perkins Loan Program (ALN 84.038) and the Health Professions Student Loans, Including Primary Care Loans and Loans for Disadvantaged Students program (ALN 93.342). The University’s basic financial statements include the programs’ net position and transactions. The balance of loans outstanding under these programs as of June 30, 2025 were as follows: (See the Notes to the SEFA for chart/table)
The University is responsible only for the performance of certain administrative duties with respect to Federal Direct Student Loans and, accordingly, these loans are not included in the University’s basic financial statements. It is not practical to determine the balance of Federal Direct Student Loans outstanding to students of the University as of June 30, 2025.
In 2023, the University was approved for United States Department of Agriculture (USDA) loan funding through the Community Facilities Loans and Grants Cluster (ALN 10.766). The University was required to obtain interim financing through the Gloucester County Improvement Authority (GCIA) and fund the construction of a new student center through the GCIA interim financing. When the construction on the student center is substantially complete, USDA will payoff the GCIA interim financing directly, then the University will be required to pay USDA back over the term of the loan. The student center was substantially completed during fiscal year 2025 with USDA financing closing in February 2025 in the amount of $26,370,000. The balance of the loan outstanding under this program as of June 30, 2025 were as follows: (See the Notes to the SEFA for chart/table)