Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal award activities of The New School (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 activities of the university, it is not intended to, and does not, present either the consolidated financial position, changes in net assets or cash flows of the university.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The university has elected not to use the de minimis indirect cost rate allowed under the Uniform Guidance. Indirect costs are allocated to individual grants within the Schedule in accordance with contractual provisions of each grant. The indirect costs are calculated based upon either a three year negotiated rate with the Department of Health and Human Services effective through June 30, 2025 or the specific requirements of the particular grant.
For the Federal Direct Student Loan Program, the university is responsible only for the performance of certain administrative duties; therefore, the program’s net assets and transactions are not included in the university’s consolidated financial statements, and it is not practicable to determine the balance of loans outstanding to students.
The university extended loans through a revolving federal loan program which ended in fiscal year 2018. Principal and interest relating to outstanding loans are being repaid to the university. The balance of the outstanding loans made by the university under the Federal Perkins Loan Program at June 30, 2025 and 2024 was $1,420,371 and $1,583,600, respectively.