Notes to SEFA
Title: Note 3 - Federal Student Loan Programs
Accounting Policies: Note 2 - Summary of Significant 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.The College did not elect to use the 10% de minimus indirect cost rate as allowed under Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The College did not elect to use the 10% de minimus indirect cost rate as allowed under Uniform Guidance.
During the year ended June 30, 2022, the College issued new loans to students under the Federal Direct Loan Program (FDLP). The value of loans issued for the FDLP is based on disbursed amounts. The College is responsible only for the performance of certain administrative duties with respect to the federally guaranteed student loan programs and, accordingly, balances and transactions relating to these loan programs are not included in the Colleges consolidated financial statements. Therefore, it is not the responsibility of the College to determine the balance of loans outstanding to students and former students of the College at June 30, 2022. The loans made by the College to eligible students under the FDLP during the year ended June 30, 2022, are summarized as follows: (See Notes to SEFA, Note 3 - Federal Student Loan Programs for table). The Federal Perkins Loan Program is administered directly by the College, and balances and transactions relating to these programs are included in the Colleges 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. There were no new loans made under the Federal Perkins Loan Program for the year ended June 30, 2022. The balance of loans outstanding at June 30, 2022, consists of: (See Notes to SEFA, Note 3 - Federal Student Loan Programs for table).
Title: Note 1 - Basis of Presentation
Accounting Policies: Note 2 - Summary of Significant 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.The College did not elect to use the 10% de minimus indirect cost rate as allowed under Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The College did not elect to use the 10% de minimus indirect cost rate as allowed under Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Westminster College and affiliate (the College) for the year ended June 30, 2022, and is presented on the accrual basis of accounting. The information in the 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 College, it is not intended to, and does not, present the consolidated financial position, changes in net assets, or cash flows of the College.