Notes to SEFA
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: The College has elected to not use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.The College has elected to not use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The federal student loan program listed below is administered directly by the College and balances and transactions relating to this program are included in the College’s basic 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 June 30, 2023, consists of $721,251. The Federal Perkins Loan program expired on September 30, 2017. As such, there were no new loans issued or administrative cost allowance claimed under the program for the year ended June 30, 2023.
Title: Federal Direct Loans
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: The College has elected to not use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.The College has elected to not use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The College distributed $8,147,748 of federally guaranteed loans to students of the College through the Federal Direct Loan Program (ALN 84.268), which includes Direct Subsidized and Unsubsidized Loans, and Direct Parent Loans for Undergraduate Students. These distributions and the related funding sources are not included in the College’s financial statements.
Title: Sub-recipients
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: The College has elected to not use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.The College has elected to not use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The College did not pass federal funds through to sub-recipients during the year ended June 30, 2023.
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: The College has elected to not use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.The College has elected to not use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Wheaton College (the College) under programs of the federal government for the year ended June 30, 2023. The information in the Schedule is presented in accordance with Title 2 U.S. Code of Federal Regulations (CFR) 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 financial position, changes in net assets or cash flows of the College.
The College includes loans granted under the Federal Perkins Loan Program and Federal Direct Student Loans Program as expenditures of federal awards.