The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Sherman College of Straight Chiropractic, Inc. (the “College”) under programs of the federal government for the year ended December 31, 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 administers the Federal Perkins Loan Program to provide financial aid to the students and transactions relating to this program are included in the College’s financial statements. The Federal Perkins Loan Program expired in September 2017, and the College is in the process of liquidating the program. The loan balance outstanding by the College during the year ended December 31, 2025 under the Federal Perkins Loan program are summarized as follows: See Notes to SEFA for Chart/Table.
Federal Direct Student Loans, amounting to $13,493,594, were made to students of the College during the year ended December 31, 2025. Graduate Parent Loans for Undergraduate Studies, amounting to $8,199,664 were made to students of the College during the year ended December 31, 2025.
The College is required to provide a match of no less than 25% on all wages paid to students. For the year ended December 31, 2025, total wages were $76,189 and the institutional match was $25,397.
In 2019, the College borrowed $14,812,697 from the United States Department of Agriculture. At December 31, 2025, $13,396,832 of the loan was outstanding. During the year ended December 31, 2025, payments on the loan balance totaled $255,530.