Title: NOTE 2 - FEDERAL LOAN PROGRAMS
Accounting Policies: NOTE 1 - BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards (the Schedule) summarizes the federal expenditures incurred by Wheaton College (the College) under awards received from the federal government for the year ended June 30, 2022. For purposes of the Schedule, federal awards include all grants, contracts, loans, and loan guarantee agreements entered into directly between the College and pass-through agencies and departments of the federal government. Expenditures for federal award programs are recognized on the accrual basis of accounting. The Schedule summarizes expenditures by:?Student Financial Assistance Cluster, Research and Development Cluster, and other federal programs; Primary federal funding agency;?Direct award agreement between the College and federal granting agencies; and Sub award (pass-through award) agreements between the College and nonfederal granting agencies Student Financial Assistance Cluster: The Student Financial Assistance Cluster includes certain awards to provide financial assistance to eligible students under the Federal Pell Grant Program, Federal Supplemental Educational Opportunity Grants Program (FSEOG), and Federal Work-Study Program (FWS). Additionally, the College determines eligibility and performs certain other compliance functions relative to federally guaranteed loans made by the U.S. Department of Education to qualified students under the Federal Direct Loan Program (Direct Loan).The College recognizes expenditures for federal student financial aid programs as they are disbursed to student accounts. Student financial aid programs with fiscal year 2022 expenditures include Federal Pell program grants to students, the federal share of students FSEOG program grants, and the federal share of the FWS program expenditures. The College also reports loan disbursements under the Federal Direct Loan program. The balances of loans outstanding at the beginning of the year are also reported on the Schedule for the Federal Perkins Loan program (Perkins). Administrative cost allowances permitted under several programs are reported on the Schedule. Research and Development Cluster: The Research and Development Cluster includes those awards that are for basic and applied research and development activities and for research training. Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost principles, and Audit Requirements for Federal Awards (Uniform Guidance), defines research and development as follows: research is a systematic study directed toward fuller scientific research knowledge or understanding of the subject studied; development is the systematic use of knowledge and understanding gained from research directed toward the production of useful materials, devices, systems, or method, including design and development of prototypes and processes. U.S. Army Reserve Officers Training Corps (ROTC): The College received $1,061,872 from the U.S. Army for reimbursement of tuition for ROTC students at the College. Because ROTC is responsible for program compliance, including determining eligibility, the College is considered a vendor for ROTC funds and these funds are not included in the Schedule. Direct and Indirect Federal Award Expenditures: Federal award expenditures consist of direct and indirect costs. Direct costs are those that can be easily identified with an individual federally sponsored project. The salary of a principal investigator of a sponsored research project and the materials consumed by the project are examples of direct costs. Unlike direct costs, indirect costs cannot easily be identified with an individual federally sponsored project. Indirect costs are the costs of services and resources that benefit both sponsored and non sponsored projects and activities. Indirect costs consist of expenses incurred for administration, library, plant maintenance, debt, and building and equipment depreciation.
De Minimis Rate Used: N
Rate Explanation: The College does not use the 10% de minimus rate permitted under the Uniform Guidance. Rather, a negotiated indirect cost rate is used to charge indirect costs to individual federally sponsored projects. The rate is the result of a number of complex cost allocation procedures used to allocate indirect costs to both sponsored and nonsponsored activities. The costs allocated to sponsored projects are divided by the direct costs of sponsored projects to arrive at a rate. Before the rate is applied, the U.S. Department of Health and Human Services must approve it.
Loans made by the College to eligible students under the various Federal loan programs for the year ended June 30, 2022 are summarized below:Federal direct loan program:Federal Direct Subsidized and Unsubsidized Loans to students $10,618,587Federal Direct PLUS Loans to parents of dependent students $2,921,824 Total federal direct loans $13,531,411The College administers and accounts for all aspects of the Federal Perkins programs; therefore, the Colleges consolidated financial statements include the Federal Perkins programs balances and transactions. The amount presented on the Schedule of Expenditures of Federal Awards represents the loan balances outstanding of $1,811,737 at July 1, 2021. The balance of loans outstanding under this program at June 30, 2022 is $1,185,357. For the Federal Direct Loans Program, the College is responsible only for the performance of certain administrative duties; therefore, the balances and transactions for those programs are not included in the Colleges consolidated financial statements.
Title: NOTE 3 - NONCASH ASSISTANCE
Accounting Policies: NOTE 1 - BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards (the Schedule) summarizes the federal expenditures incurred by Wheaton College (the College) under awards received from the federal government for the year ended June 30, 2022. For purposes of the Schedule, federal awards include all grants, contracts, loans, and loan guarantee agreements entered into directly between the College and pass-through agencies and departments of the federal government. Expenditures for federal award programs are recognized on the accrual basis of accounting. The Schedule summarizes expenditures by:?Student Financial Assistance Cluster, Research and Development Cluster, and other federal programs; Primary federal funding agency;?Direct award agreement between the College and federal granting agencies; and Sub award (pass-through award) agreements between the College and nonfederal granting agencies Student Financial Assistance Cluster: The Student Financial Assistance Cluster includes certain awards to provide financial assistance to eligible students under the Federal Pell Grant Program, Federal Supplemental Educational Opportunity Grants Program (FSEOG), and Federal Work-Study Program (FWS). Additionally, the College determines eligibility and performs certain other compliance functions relative to federally guaranteed loans made by the U.S. Department of Education to qualified students under the Federal Direct Loan Program (Direct Loan).The College recognizes expenditures for federal student financial aid programs as they are disbursed to student accounts. Student financial aid programs with fiscal year 2022 expenditures include Federal Pell program grants to students, the federal share of students FSEOG program grants, and the federal share of the FWS program expenditures. The College also reports loan disbursements under the Federal Direct Loan program. The balances of loans outstanding at the beginning of the year are also reported on the Schedule for the Federal Perkins Loan program (Perkins). Administrative cost allowances permitted under several programs are reported on the Schedule. Research and Development Cluster: The Research and Development Cluster includes those awards that are for basic and applied research and development activities and for research training. Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost principles, and Audit Requirements for Federal Awards (Uniform Guidance), defines research and development as follows: research is a systematic study directed toward fuller scientific research knowledge or understanding of the subject studied; development is the systematic use of knowledge and understanding gained from research directed toward the production of useful materials, devices, systems, or method, including design and development of prototypes and processes. U.S. Army Reserve Officers Training Corps (ROTC): The College received $1,061,872 from the U.S. Army for reimbursement of tuition for ROTC students at the College. Because ROTC is responsible for program compliance, including determining eligibility, the College is considered a vendor for ROTC funds and these funds are not included in the Schedule. Direct and Indirect Federal Award Expenditures: Federal award expenditures consist of direct and indirect costs. Direct costs are those that can be easily identified with an individual federally sponsored project. The salary of a principal investigator of a sponsored research project and the materials consumed by the project are examples of direct costs. Unlike direct costs, indirect costs cannot easily be identified with an individual federally sponsored project. Indirect costs are the costs of services and resources that benefit both sponsored and non sponsored projects and activities. Indirect costs consist of expenses incurred for administration, library, plant maintenance, debt, and building and equipment depreciation.
De Minimis Rate Used: N
Rate Explanation: The College does not use the 10% de minimus rate permitted under the Uniform Guidance. Rather, a negotiated indirect cost rate is used to charge indirect costs to individual federally sponsored projects. The rate is the result of a number of complex cost allocation procedures used to allocate indirect costs to both sponsored and nonsponsored activities. The costs allocated to sponsored projects are divided by the direct costs of sponsored projects to arrive at a rate. Before the rate is applied, the U.S. Department of Health and Human Services must approve it.
The College had no noncash assistance awarded or expended for the year ended June 30, 2022.
Title: NOTE 4 - GUARANTEED INSURANCE
Accounting Policies: NOTE 1 - BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards (the Schedule) summarizes the federal expenditures incurred by Wheaton College (the College) under awards received from the federal government for the year ended June 30, 2022. For purposes of the Schedule, federal awards include all grants, contracts, loans, and loan guarantee agreements entered into directly between the College and pass-through agencies and departments of the federal government. Expenditures for federal award programs are recognized on the accrual basis of accounting. The Schedule summarizes expenditures by:?Student Financial Assistance Cluster, Research and Development Cluster, and other federal programs; Primary federal funding agency;?Direct award agreement between the College and federal granting agencies; and Sub award (pass-through award) agreements between the College and nonfederal granting agencies Student Financial Assistance Cluster: The Student Financial Assistance Cluster includes certain awards to provide financial assistance to eligible students under the Federal Pell Grant Program, Federal Supplemental Educational Opportunity Grants Program (FSEOG), and Federal Work-Study Program (FWS). Additionally, the College determines eligibility and performs certain other compliance functions relative to federally guaranteed loans made by the U.S. Department of Education to qualified students under the Federal Direct Loan Program (Direct Loan).The College recognizes expenditures for federal student financial aid programs as they are disbursed to student accounts. Student financial aid programs with fiscal year 2022 expenditures include Federal Pell program grants to students, the federal share of students FSEOG program grants, and the federal share of the FWS program expenditures. The College also reports loan disbursements under the Federal Direct Loan program. The balances of loans outstanding at the beginning of the year are also reported on the Schedule for the Federal Perkins Loan program (Perkins). Administrative cost allowances permitted under several programs are reported on the Schedule. Research and Development Cluster: The Research and Development Cluster includes those awards that are for basic and applied research and development activities and for research training. Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost principles, and Audit Requirements for Federal Awards (Uniform Guidance), defines research and development as follows: research is a systematic study directed toward fuller scientific research knowledge or understanding of the subject studied; development is the systematic use of knowledge and understanding gained from research directed toward the production of useful materials, devices, systems, or method, including design and development of prototypes and processes. U.S. Army Reserve Officers Training Corps (ROTC): The College received $1,061,872 from the U.S. Army for reimbursement of tuition for ROTC students at the College. Because ROTC is responsible for program compliance, including determining eligibility, the College is considered a vendor for ROTC funds and these funds are not included in the Schedule. Direct and Indirect Federal Award Expenditures: Federal award expenditures consist of direct and indirect costs. Direct costs are those that can be easily identified with an individual federally sponsored project. The salary of a principal investigator of a sponsored research project and the materials consumed by the project are examples of direct costs. Unlike direct costs, indirect costs cannot easily be identified with an individual federally sponsored project. Indirect costs are the costs of services and resources that benefit both sponsored and non sponsored projects and activities. Indirect costs consist of expenses incurred for administration, library, plant maintenance, debt, and building and equipment depreciation.
De Minimis Rate Used: N
Rate Explanation: The College does not use the 10% de minimus rate permitted under the Uniform Guidance. Rather, a negotiated indirect cost rate is used to charge indirect costs to individual federally sponsored projects. The rate is the result of a number of complex cost allocation procedures used to allocate indirect costs to both sponsored and nonsponsored activities. The costs allocated to sponsored projects are divided by the direct costs of sponsored projects to arrive at a rate. Before the rate is applied, the U.S. Department of Health and Human Services must approve it.
The College had no federal guaranteed insurance in force or expended for the year ended June 30, 2022
Title: Note 1 (Continue)
Accounting Policies: NOTE 1 - BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards (the Schedule) summarizes the federal expenditures incurred by Wheaton College (the College) under awards received from the federal government for the year ended June 30, 2022. For purposes of the Schedule, federal awards include all grants, contracts, loans, and loan guarantee agreements entered into directly between the College and pass-through agencies and departments of the federal government. Expenditures for federal award programs are recognized on the accrual basis of accounting. The Schedule summarizes expenditures by:?Student Financial Assistance Cluster, Research and Development Cluster, and other federal programs; Primary federal funding agency;?Direct award agreement between the College and federal granting agencies; and Sub award (pass-through award) agreements between the College and nonfederal granting agencies Student Financial Assistance Cluster: The Student Financial Assistance Cluster includes certain awards to provide financial assistance to eligible students under the Federal Pell Grant Program, Federal Supplemental Educational Opportunity Grants Program (FSEOG), and Federal Work-Study Program (FWS). Additionally, the College determines eligibility and performs certain other compliance functions relative to federally guaranteed loans made by the U.S. Department of Education to qualified students under the Federal Direct Loan Program (Direct Loan).The College recognizes expenditures for federal student financial aid programs as they are disbursed to student accounts. Student financial aid programs with fiscal year 2022 expenditures include Federal Pell program grants to students, the federal share of students FSEOG program grants, and the federal share of the FWS program expenditures. The College also reports loan disbursements under the Federal Direct Loan program. The balances of loans outstanding at the beginning of the year are also reported on the Schedule for the Federal Perkins Loan program (Perkins). Administrative cost allowances permitted under several programs are reported on the Schedule. Research and Development Cluster: The Research and Development Cluster includes those awards that are for basic and applied research and development activities and for research training. Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost principles, and Audit Requirements for Federal Awards (Uniform Guidance), defines research and development as follows: research is a systematic study directed toward fuller scientific research knowledge or understanding of the subject studied; development is the systematic use of knowledge and understanding gained from research directed toward the production of useful materials, devices, systems, or method, including design and development of prototypes and processes. U.S. Army Reserve Officers Training Corps (ROTC): The College received $1,061,872 from the U.S. Army for reimbursement of tuition for ROTC students at the College. Because ROTC is responsible for program compliance, including determining eligibility, the College is considered a vendor for ROTC funds and these funds are not included in the Schedule. Direct and Indirect Federal Award Expenditures: Federal award expenditures consist of direct and indirect costs. Direct costs are those that can be easily identified with an individual federally sponsored project. The salary of a principal investigator of a sponsored research project and the materials consumed by the project are examples of direct costs. Unlike direct costs, indirect costs cannot easily be identified with an individual federally sponsored project. Indirect costs are the costs of services and resources that benefit both sponsored and non sponsored projects and activities. Indirect costs consist of expenses incurred for administration, library, plant maintenance, debt, and building and equipment depreciation.
De Minimis Rate Used: N
Rate Explanation: The College does not use the 10% de minimus rate permitted under the Uniform Guidance. Rather, a negotiated indirect cost rate is used to charge indirect costs to individual federally sponsored projects. The rate is the result of a number of complex cost allocation procedures used to allocate indirect costs to both sponsored and nonsponsored activities. The costs allocated to sponsored projects are divided by the direct costs of sponsored projects to arrive at a rate. Before the rate is applied, the U.S. Department of Health and Human Services must approve it.
Higher Education Emergency Relief Fund: The Higher Education Emergency Relief Fund (HEERF) granted funds to the College to provide emergency financial aid grants to students whose lives have been disrupted, many of whom are facing financial challenges and struggling to make ends meet. The College expensed the student share of the HEERF funding as emergency aid to eligible students. The College expensed the institutional share of the HEERF funding as reimbursement to the College for lost revenue.