Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Labouré College of Healthcare (the College) under the 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 College, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the College. The College includes loans granted under the Federal Perkins Loan Program, Nursing Student Loan Program, and Federal Direct Student Loan Program as expenditures of Federal awards
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 College has elected to not use the de minimis indirect cost rate as allowed under the Uniform Guidance.
The federal student loan programs listed below are administered directly by the College and balances and transactions relating to this program are included in the College’s basic financial statements. Loans outstanding at the beginning of the year, the administrative cost allowance, and loans made during the year are included in the federal expenditures presented in the schedule. The balance of loans outstanding at June 30, 2025, consists of: Program Title Federal Assistance Listing Number Balance Outstanding Federal Perkins Loan Program 84.038 $ 64,575 Nursing Student Loan Program 93.364 406,492 $ 471,067 There were no new loans awarded under the Federal Perkins or Nursing Student Loan Programs for the year ended June 30, 2025. The College did not claim an administrative cost allowance. There was no Federal capital contribution or College match during the current year.
The College distributed $3,974,440 of federally guaranteed loans to students of the College through the Federal Direct Loan Program (ALN 84.268), which includes Direct Subsidized and Unsubsidized Loans, and Direct Parents Loans for Undergraduate Students. These distributions and the related funding sources are not included in the College’s financial statements.