Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal financial assistance programs of Southern Methodist University (the University). All federal awards passed through from other entities have been included in the Schedule.
The accompanying Schedule is presented using the accrual basis of accounting, which is described in note 1 to the University's consolidated financial statements.
Amounts reported in the accompanying Schedule may not agree with the amounts reported in the related federal financial reports filed with grantor agencies because of accruals which would be included in the next report filed with the agencies.
Under federal law, the authority for schools to make new loans under the Federal Perkins Loan Program ended on September 30, 2017, and final disbursements were permitted through June 30, 2018. The outstanding loan balance as of May 31, 2026 was $371,272. The amount reported on the Schedule of Expenditures of Federal awards represents the outstanding loan balance of $640,321 as of May 31, 2025.
This program provides loans directly from the U.S. Department of Education to students with Federal Stafford, Grad PLUS and Parent PLUS loans rather than from a bank or other lending institution. The University originates the loans and performs certain administrative duties. The institution has no repayment responsibilities, therefore the outstanding loans are not included in the University's consolidated financial statements.
Of the federal expenditures presented in the Schedule, the University provided federal awards to subrecipients in the Research & Development (R&D) Cluster totaling $2,867,405.
The University has elected not to use the 15-percent de minimis indirect cost rate allowed under the Uniform Guidance.