The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant expenditures of Wagner College (the “College”) for the year ended August 31, 2025. The information presented in this Schedule has been prepared using the accrual basis of accounting and is in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (“CFR”) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). Accordingly, some amounts presented in the accompanying Schedule may differ from amounts presented in, or used in, the preparation of the College’s 2025 financial statements. During the year ended August 31, 2025, the College provided no awards to sub-recipients.
The College recognizes expenditures for federal student financial assistance programs as they are incurred. Student financial assistance program expenditures include Federal Pell Grants to students, the federal share of Federal Supplemental Educational Opportunity Grants (“FSEOG”) to students, and the federal share of Federal Work-Study (“FWS”) student wages, as well as loans disbursed to students under the Federal Perkins, Nursing Student, and Direct Student Loan programs and each program’s administrative cost allowance, if any.
The accompanying Schedule includes expenditures of $322,411 and $660,578 related to the Federal Perkins Loan and the Nursing Student Loan Programs, respectively, which are comprised of the value of new loans made during fiscal 2025, if any, plus the program’s beginning of the year balance for which the College retains continuing compliance requirements, as stipulated by §200.502 of the Uniform Guidance. In fiscal 2025, there were no federal capital contributions or matching requirements related to the Federal Perkins Loan program or the Nursing Student Loan program. The following provides information about Federal Perkins Loans and Nursing Student Loans activity for the year ended August 31, 2025: Federal Perkins Loan Program - Federal Assistance Listing Number 84.038, Balance as of August 31, 2024 - $322,411, Loans Issued - $0, Payments Received - ($93,125), Balance as of August 31, 2025 - $229,286. Nursing Student Loan Program - Federal Assistance Listing Number 93.364, Balance as of August 31, 2024 - $596,598, Loans Issued - $63,980, Payments Received - ($139,809), Balance as of August 31, 2025 - $520,769. With respect to the Federal Direct Student Loan Program, the College is responsible only for the performance of certain administrative duties; therefore, the net assets and transactions for this program are not included in the College’s financial statements. It is not practical to estimate the amount of loans outstanding to students of the College under this program at August 31, 2025.
For the year ended August 31, 2025, the College claimed an administrative cost allowance under the Federal Work Study Program of $26,959 and no administrative cost allowance related to the FSEOG Program and the Federal Pell Grant Program. In addition, the College has elected not to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.
All FEMA related expenditures included in the schedule of expenditures of federal awards for the year ended August 31, 2025 were incurred in prior fiscal years.