Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Manhattan University (the University) and is presented on the accrual basis of accounting. The information in the 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). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the 2025 financial statements.
The University administers and accounts for certain aspects of the Federal Perkins Loan Program. Therefore, the University’s financial statements include the activity related to this program. The balance of loans outstanding under the Federal Perkins Loan Program as of June 30, 2025 was $245,541. In accordance with presentation requirements, the schedule of expenditures of federal awards includes the amount outstanding at June 30, 2024 for the Federal Perkins Loan Program of $293,673. With respect to the Direct Loan Program, the University is only responsible for the performance of certain administrative duties; therefore, the transactions and the balances of loans outstanding related to this program are not included in the University’s financial statements. The Schedule includes the amounts loaned to students during the year ended June 30, 2025. It is not practical to determine the balance of loans outstanding to students of the University under this program as of June 30, 2025.
The University has elected not to use the de minimis indirect cost rate allowed under the Uniform Guidance.