Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of the University of North Alabama (the “University”) under programs of the federal government for the year ended September 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). 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 position or cash flows of the University.
Assistance Listing (formerly Catalog of Federal Domestic Assistance, CFDA) numbers are assigned to contracts and grants on the basis of program type. Assistance Listing numbers and pass-through numbers are provided when available.
The Direct Loan program enables an eligible student or parent to obtain a loan to pay for the student’s cost of attendance directly through the University rather than through private lenders. As a university qualified to originate loans, the University is responsible for handling the complete loan origination process, including funds management and promissory note functions. The University is not responsible for collection of these loans. During the program year, the University processed approximately $34.7 million of student loans under the Direct Loan program.
The Nurse Faculty Loan (NFL) program is administered directly by the University, and balances and transactions relating to this program is included in the University’s financial statements. The balances of loans outstanding at September 30, 2025 and funds advanced by the University to eligible students during the year ended September 30, 2025 under this federal student loan program is summarized as follows: Student Loan Receivable, September 30, 2024 $ 731,936 Funds Advanced to Students 204,449 Less: Collections (60,171) Cancellations (76,655) Student Loan Receivable, September 30, 2025 $ 799,559