Notes to SEFA
Basis of presentation. The accompanying Schedule of Expenditures of Federal Awards (SEFA) includes the federal grant activity of Eastern New Mexico University (the"University") and is presented on the accrual basis of accounting, which is the same basis as was used to prepare the financial statements. The information in this schedule is presented in accordance with the requirements of Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Federal grant funds are considered to be earned to the extent of expenditures made under the provisions of the grant and, accordingly, when such funds are received, they are recorded as unearned revenues until earned.
For the Federal Perkins loan program, Assitance Listings Number 84.038, the University has continuing reporting requirements on both the ending prior year balances and current year awards. The University has reported outstanding student loan balances in the amount of $2,505,230 and $2,716,223 as of June 30, 2025 and 2024, respectively, in the SEFA. As of July 1, 2016, the University is no longer participating in the Federal Perkins Loan Program. For the Federal Direct Student Loan program, Assistance Listings Number 84.268, the University does not have continuing reporting requirements. Therefore, the University has only reported the current year awards in the SEFA in the amount of $13,391,722.
The University did not elect to use the allowed 15% indirect cost rate. A lower rate of 8% is used for the programs, or as allowed 45.5% of salaries and wages.
See the Notes to the SEFA for chart/table