Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of Mitchell College (the “College”) 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 (the “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 consolidated financial position, changes in net assets or cash flows of the College. The College includes loans granted under the Federal Direct Student Loan Program as expenditures of federal awards.
The Federal Student Loan Program listed subsequently is administered directly by the College and balances and transactions relating to this program are included in the College's basic consolidated financial statements. Loans outstanding at the beginning of the year are included in the federal expenditures presented in the Schedule. The program has been terminated by the Department of Education and therefore no new loans were made during the year ended June 30, 2025. The balance of loans outstanding at June 30, 2025 consists of: SEE FINANCIAL STATEMENTS FOR TABLE.