Notes to SEFA
The University's federal oversight agency for audit is the U.S. Department of Education. The University's state cognizant agency is the Wisconsin Higher Education Aids Board. Grant monies received and disbursed by the University are for specific purposes and are subject to review and audit by the grantor agencies. Such audits may result in requests for reimbursement due to disallowed expenditures. Based upon prior experience, the University does not believe that such disallowances, if any, would have a material effect on the financial position of the University. As of June 30, 2025, management was not aware of any material questioned or disallowed costs as a result of grant audits in process or completed.
Federal awards to provide financial assistance to students are combined and considered to be a single program (Student Financial Aid Program Cluster) for major federal program determination. The amounts included in the Schedules represent loans disbursed during the year, plus the related administrative charge. The Student Financial Aid Program Cluster represents the combination of awards by the U.S. Department of Education to provide financial assistance to students under the following programs: • Federal Supplemental Educational Opportunity Grants • Federal Pell Grant Program • Federal Direct Student Loans The University receives awards to make loans to eligible students under certain federal government student loan programs and federally guaranteed loans are issued to the students of the University by the Secretary of Education. These loans are considered for purposes of determining whether student financial assistance is a major program under the Uniform Guidance. In addition, the Student Financial Aid Program Cluster includes the following federal government student loan programs which are administered by the Secretary of Education: • Subsidized Stafford Loans • Unsubsidized Stafford Loans The University is responsible only for the performance of certain administrative duties with respect to the federally guaranteed student loan programs, and, accordingly, these loans are not included in its financial statements and it is not practical to determine the balance of loans outstanding to students and former students of the University under these programs at June 30, 2025.
The University is in compliance with the following institutional and program eligibility requirements under the Higher Education Act of 1965 and federal regulations under 34 CFR 668.23: • Correspondence courses the University offers under 34 CFR 600.7(b) and (g) • Regular students that enroll in correspondence courses under 34 CFR 600.7(b) and (g) • University’s regular students that are incarcerated under 34 CFR 600.7(c) and (g) • Completion rates for confined or incarcerated individuals enrolled in nondegree programs at nonprofit institutions under 34 CFR 600(c)(3)(ii) and (g) • University’s regular students that lack a high school diploma or its equivalent under 34 CFR 600.7(d) and (g) • Completion rates for short-term programs under 34 CFR 668.8(f) and (g) • Placement rates for short-term programs under 34 CFR 668.8(e)(2)