The accompanying schedule of expenditures of federal awards and state financial assistance (the Schedule) includes grants, contracts and similar agreements entered into directly between Stetson University, Inc. (the University) and agencies and departments of federal and state governments. They also include all subawards to the University by nonfederal organizations pursuant to federal and state grants, contracts and similar agreements. 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) and Chapter 10.650, Rules of the Auditor General of the State of Florida (Chapter 10.650). 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 assets or cash flows for the University. For the Federal Work Study (FWS) and Federal Supplemental Educational Opportunity Grant (FSEOG), the expenditures listed are only the federal share. The University’s match was $187,766 for FWS and $196,701 for FSEOG. Also, the grants reflect transactions for the June 30, 2025, fiscal year irrespective of the year of grant award and, accordingly, the Schedule does not include a full year’s activity for grants awarded or terminated on dates not coinciding with the aforementioned fiscal year.
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 and Chapter 10.650, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Expenditures for student financial aid programs are recognized as incurred and include the federal share of students’ FSEOG program and FWS program earnings, Federal Pell Grants, certain other federal financial aid grants for students, loan disbursements and administrative cost allowance, where applicable.
Expenditures include indirect costs, related primarily to facilities operations and maintenance and general divisional and departmental administrative services, which are allocated to direct cost objectives (including federal awards) based on negotiated formulas commonly referred to as facilities and administrative cost rates. Facilities and administrative cost rates allocated to such awards for the year ended June 30, 2025, were based on fixed rates negotiated with the respective federal agencies. The University has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance for awards received prior to October 1, 2024 or the 15% de minimis rate for awards received on or after October 1, 2024.
The Federal Perkins Loan program listed below is administered directly by the University and balances and transactions relating to this program are included in the University’s basic consolidated financial statements. See table for balances.
The University distributed $47,160,764 of federally guaranteed loans to students of the University through the Federal Direct Loan program (Assistance Listing Number 84.268), which includes Direct Subsidized and Unsubsidized Loans, and Direct Parent Loans for Undergraduate Students. These distributions and the related funding sources are not included in the University’s consolidated financial statements.