Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) summarizes the expenditures of the University under programs of the federal government for the year ended May 31, 2026. Because the Schedule presents only the federal award activity of the University, it is not intended to and does not present the financial position, changes in net assets and cash flows of the University. Negative amounts, if present on the Schedule, represent adjustments to expenditures reported in the prior year. Full Assistance listing numbers and pass-through numbers are provided when available. For 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 subawards to the University by nonfederal organizations pursuant to federal grants, contracts and similar agreements. Expenditures for federal student financial aid programs are recognized as incurred and include such items as Federal Pell Grants to students, the federal share of the Supplemental Educational Opportunity Grants, Federal Work-Study program earnings and administrative cost allowances where applicable. Expenditures for research and other federal award programs are determined using the cost accounting principles and procedures set forth in Title 2, U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). Under these cost principles, certain expenditures are not allowable or are limited as to reimbursement. The Schedule has been prepared using the accrual basis of accounting.
Expenditures for awards (other than student financial aid) include facilities and administrative cost recoveries (“F&A”), relating primarily to facilities operation and maintenance, facilities and equipment depreciation and general departmental administration services, which are allocated to direct costs based on negotiated rates. F&A costs allocated to such awards for the year ended May 31, 2026 were based on predetermined fixed rates the University negotiated with the Department of Health and Human Services (“DHHS”) Division of Cost Allocation. The University’s current F&A rate agreement runs through May 31, 2027. Recoveries of F&A costs under sponsored programs are classified as unrestricted revenues in the University’s consolidated financial statements. The University elected not to use the de minimis F&A rate as allowed by Uniform Guidance. Instead, the University has a negotiated F&A rate agreement established with DHHS, its cognizant agency.
The Federal Perkins and Nursing Student Loans programs are administered directly by the University and balances and transactions relating to these programs are included in the University’s consolidated financial statements. The balances of loans outstanding at May 31, 2026 consist of: Federal Perkins Loan Program $ 963,955 Nursing Student Loans Undergraduate 1,467,220 Graduate 383,073 Total campus-based loans $ 2,814,248