Notes to SEFA
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Abilene Christian University (the University) under programs of the federal government for the year ended May 31, 2026. 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the University, it is not intended to and does not present the financial position, changes in net assets or cash flows of the University.
For purposes of the Schedule, loans made to students under the Federal Direct Student Loans program are presented as federal expenditures. Neither the funds advanced to students, nor the outstanding loan balance are included in the consolidated financial statements since the loans are made and subsequently collected by the federal government.
The federal loan programs listed subsequently are administered directly by the University, and balances and transactions relating to these programs are included in the University’s financial statements. Loans outstanding at the beginning of the year and loans made during the year, if any, are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at May 31, 2026, consists of: See the Notes to the SEFA for chart/table