Notes to SEFA
Title: Basis of Presentation
Accounting Policies: 2 CFR 200.510(b)(6)
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award
activity of the Whitworth University and subsidiaries (the University) under programs of the federal
government for the year ended June 30, 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 (Uniform
Guidance). Because the Schedule presents only a selected portion of the operations of the University, it
is not intended to and does not present the consolidated financial position, changes in net assets or cash
flows of the University.
Title: Summary of Significant Accounting Policies
Accounting Policies: 2 CFR 200.510(b)(6)
De Minimis Rate Used: N
Rate Explanation: N/A
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.
Title: Indirect Cost Rate
Accounting Policies: 2 CFR 200.510(b)(6)
De Minimis Rate Used: N
Rate Explanation: N/A
The University has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform
Guidance.
Title: Federal Perkins Loan Programs
Accounting Policies: 2 CFR 200.510(b)(6)
De Minimis Rate Used: N
Rate Explanation: N/A
The Federal Perkins Loan Program (Assistance Listing No. 84.038) is administered directly by the
University, and balances and transactions relating to this program are included in the University's
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. Federal Perkins Loans
outstanding at June 30, 2023 totaled $866,668.