Notes to SEFA
Title: Basis of Presentation:
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Dakota Wesleyan University has elected not to use the 10‐percent de minimis indirect cost rate as allowed under the Uniform Guidance.
of Dakota Wesleyan University under programs of the federal government for the year ended May 31, 2023. 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 (the Uniform Guidance). Because the schedule presents only a selected portion of the operations of Dakota Wesleyan University, it is not intended to and does not present the financial position, changes in net assets or cash flows of Dakota Wesleyan University.
Title: Summary of Significant Accounting Policies:
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Dakota Wesleyan University has elected not to use the 10‐percent de minimis indirect cost rate as allowed under the Uniform Guidance.
recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Indirect Cost Rate:
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Dakota Wesleyan University has elected not to use the 10‐percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Dakota Wesleyan University has elected not to use the 10‐percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Federal Student Loan Program:
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Dakota Wesleyan University has elected not to use the 10‐percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The federal loan program listed subsequently is administered directly by Dakota Wesleyan University and balances and transactions relating to these programs are included in Dakota Wesleyan University’s basic financial statements. Loans made during the year are included in the federal expenditures presented in the schedule. The balance of loans outstanding at May 31, 2023 consists of: