Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of the University under programs of the federal government for the year ended December 31, 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 (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.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditure are not allowable or are limited as to reimbursement.
The University has elected to not use the 15% de minimis indirect cost rate as allowed under the Uniform Guidance.
The University administers the following federal loan programs. The amounts reflected in the Schedule for the various loan programs include the balance outstanding at the beginning of the fiscal year, any new loans issued, and any administrative cost allowances claimed against the loan program, if any. Assistance Listing Number Program Title Outstanding Balance at December 31, 2025 84.038 Federal Perkins Loan Program $ - 93.342 Health Professional Student Loans, Including Primary Care Loans and Loans for Disadvantaged Students 1,562,113 93.364 Nursing Student Loans 3,200,466 $ 4,762,569
The University completed the liquidation process for the Perkins Loan Program in the fiscal year ended December 31, 2025. The required audit procedures related to liquidation were included in the scope of the independent auditors’ report over compliance required by the Uniform Guidance reflected in this reporting package.