Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards includes the federal award activity of Larkin University Corp. ("the Organization") is presented 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements. Because the schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Organization. The activity of the Federal Direct Loan Program is not included in the Organization's financial statements, as the benefits of this program are awarded directly to students and not the Organization. Expenditures are recognized following the principles of the Uniform Guidance. The Organization has elected to not use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.