The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of The Wright Institute (the "Institute") under programs of the federal government for the year ended June 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 Institute, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Institute.
Expenditures reported on the Schedule are reported on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or limited as to reimbursement. Pass_x0002_through entity identifying numbers are presented where available and applicable.
The Institute has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Institute administers the Perkins Loan program and balances and transactions relating to the Perkins Loan program are included in the Institute's financial statements. Loans outstanding at the beginning of the year of $49,839 and administrative costs of $8,746 are included in the total federal expenditures presented in the Schedule of $58,585. The balance of Perkins Loans outstanding (AL# 84.038) at June 30, 2025 was $42,202.
During the fiscal year ending June 30, 2025, the Institute processed the following amounts of new loans under the Federal Direct Loan program: Description Federal Grantor Assistance Listing Amount Authorized Federal Direct Student Loans U.S. Department of Education 84.268 $ 5,656,248 Federal PLUS Loans U.S. Department of Education 84.268 7,557,121 $ 13,213,369
The Institute administers the Federal Work-Study program. During the fiscal year ended June 30, 2025, the federal contribution amounted to $104,275