Basis of Presentation. The accompanying Schedule of Expenditures of Federal Awards includes all federal assistance to the University that had activity during 2024 or accrued revenue at June 30, 2024. This schedule has been prepared on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) wherein certain types of expenditures are not allowable or are limited as to reimbursement. Revenues are recorded for financial reporting purposes when the University has met the qualifications for the respective program.
The University administers the Perkins Loan Program. Total outstanding loans under this US Department of Education program at June 30, 2024, were $1,200. Total loan expenditures and disbursements, including administrative expenses, for the fiscal year ended June 30, 2024, were $167,434. The Schedule of Expenditures of Federal Awards only includes an amount which represents administrative costs and additional advances, including the University’s matching requirement expended for the year ended June 30, 2024. During the fiscal year ended June 30, 2024, the University processed $10,549,671 of new loans under the Direct Guaranteed Student Loan Program, in addition to Stafford Loans, Parents’ Loans for Undergraduate Students, and Supplemental Loans for Students in the amount of $225,056.
The amount expended includes $154,513 claimed as an indirect cost recovery using an approved indirect cost rate of percent. The University has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Federal awards revenue per Statement of Revenues, Expenditures, and Changes in Net Position Federal grants and contract revenue 9,773,313.00 Federal Pell grant revenue 6,473,007.00 Total federal awards revenue 16,246,320.00 Reconciling items Federal direct loans advanced to students 10,549,671.00 Other reconciling items 1,757,550.00 Total federal expenditures 28,553,541.00
Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies, principally the federal government. Any disallowed claims, including amounts already collected, may constitute a liability of the applicable funds. The amounts, if any, of expenditures, which may be disallowed by the grantor, cannot be determined at this time, although the University expects such amounts, if any, to be immaterial.
The audit of the Schedule of Expenditures of Federal Awards utilized the Compliance Supplement dated May 2024.