Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the College 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 2 CFR 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 College, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of the College.
Outstanding balance of Perkins loans administered by Cornell College at June 30, 2025 and loans advanced during the year were as follows: Loan Loans Balance Advanced Federal Perkins Loan Program (CFDA #84.038) $102,231 $-
The College is in compliance with the following institutional and program eligibility requirements under the Higher Education Act of 1965 and Federal regulations under 34 CFR 668.23: • Correspondence courses the institution offers under 34 CFR 600.7(b) and (g); • Regular students that enroll in correspondence courses under 34 CFR 600.7(b) and (g); • Institution’s regular students that are incarcerated under 34 CFR 600.7(c) and (g); • Completion rates for confined or incarcerated individuals enrolled in non-degree programs at nonprofit institutions under 34 CFR 600.7(c)(3)(ii) and (g); • Institution’s regular students that lack a high university diploma or its equivalent under 34 CFR 600.7(d) and (g); • Completion rates for short-term programs under 34 CFR 668.8(f) and (g); • Placement rates for short-term programs under https://www.ecfr.gov/current/title-34/subtitle-B/chapter-VI/part-668/subpart-A/section-668.8 34 CFR 668.8(e)(2).