Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Alabama State University (the University) and is presented on the accrual basis of accounting. 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).
The University administers the Perkins Loan Program. For purposes of this schedule, the amount reported includes the outstanding loan balance at the beginning of the fiscal year. Due to regulation changes, no further loans can be made from the program. The University plans to liquidate the program and continues to collect on outstanding loan balances and return excess cash on hand from the program to the Department of Education. The University had the following loan balances outstanding at September 30, 2025: Student loans receivable, September 30, 2024 $ - Funds advanced to students - Less: Loans assigned to U.S. Government - Principal collected (41,131) Principal cancellations 41,131 Student loans receivable, September 30, 2025 $ -
The University did not elect to charge a de minimis rate for all federal awards.