Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awards activity of the University 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 University, it is not intended to and does not present the financial position, changes in net position, or cash flows of the University.
The University is only responsible for the performance of certain administrative duties and is not considered the lender with respect to the student loan programs, and accordingly, these loans are not included in the financial statements. The schedule of expenditures of federal awards reports the total loans granted under the Federal Direct Student Loan Program, which were not made by the University but were received by its students, totaling $23,767,920 for the year ended June 30, 2025.