The accompanying schedule of expenditures of federal awards (the Schedule) summarizes the federal expenditures of the University of Montevallo (the University) under programs of the federal government for the year ended September 30, 2025. The 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 the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. For the year ended September 30, 2025, the University did not elect to use the de minimis Indirect Cost Rate permitted by Uniform Guidance. For the purposes of the Schedule, federal awards include all grants, contracts, and similar agreements entered into directly between the University and agencies and departments of the federal government and all sub awards to the University by nonfederal organizations pursuant to federal grants, contracts, and similar agreements.
For purposes of the Schedule, expenditures for federal awards programs are recognized on the accrual basis of accounting. Expenditures for federal student financial aid programs include Federal Pell program grants to students, Federal Perkins Loan Program, Federal Direct Student Loan Program, the federal share of students’ Federal Supplemental Educational Opportunity Grant (FSEOG) program grants, and Federal Work Study (FWS) program earnings and administrative cost allowances, where applicable.
Federal Perkins Loan Program (84.038) The Federal Perkins Loan Program is administered directly by the University and balances and transactions relating to the program are included in the University’s basic financial statements. The balances of loans outstanding are summarized as follows: Outstanding loan balance at September 30, 2024 $(13,751) Outstanding loan balance at September 30, 2025 $(21,017) This loan program was closed by the Department of Education in a prior year; therefore, no new loans were disbursed, or administrative cost allowance claimed during the year ended September 30, 2025. Federal Direct Student Loan Program (84.268) The Federal Direct Student Loan Program (FDSLP) was established under the Higher Education Act of 1965, as amended in the Student Loan Reform Act of 1993. The FDSLP enables an eligible student or parent to obtain a loan to pay for the student’s cost of attendance directly through the University rather than through private lenders. The University began participation in the FDSLP on July 1, 2010. As a university qualified to originate loans, the University is responsible for handling the complete loan origination process, including funds management and promissory note functions. The University is not responsible for collection of these loans. The amount of disbursements under the FDSLP during the current year is presented in the Schedule. During the year ended September 30, 2025, the University advanced to students the following amount of new loans under the Federal Direct Loan Programs: Subsidized Stafford loans $3,051,054 Unsubsidized Stafford loans $6,204,136 PLUS loans $2,115,934 $11,371,124
Under the Federal Supplemental Education Opportunity Grant Program, the University matched $110,133 in funds awarded to students for the year ended September 30, 2025. This is in addition to the Federal share of expenditures included in the Schedule.