Notes to SEFA
The federal loan programs listed subsequently are administered directly by Cornerstone University, and balances and transactions relating to these programs are included in Cornerstone University’s consolidated financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at May 31, 2026 was $101,581
Of the federal expenditures presented in this Schedule, Cornerstone University provided no federal awards to subrecipients.