Audit 292759

Title: BASIS OF PRESENTATION Accounting Policies: The schedule of expenditures of federal awards includes only the current year federal grant activity of William Woods University (the University) and is presented on the accrual basis of accounting. 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. Under these standards, Federal Pell Grant Program awards are reported as expenditures, whereas under U.S. generally accepted accounting principles they are not reported in the University’s statement of activities as expenses or financial aid. New loan advances under the Federal Direct Loan Program represent the amount of such loans processed by the University for the year and are not reportable as transactions in the University’s financial statements under U.S. generally accepted accounting principles. Other amounts presented in this schedule as expenditures may differ from amounts presented in, or used in the preparation of, the basic financial statements, although such differences are not material to the basic financial statements. De Minimis Rate Used: N Rate Explanation: The University has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. The schedule of expenditures of federal awards includes only the current year federal grant activity of William Woods University (the University) and is presented on the accrual basis of accounting. 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. Under these standards, Federal Pell Grant Program awards are reported as expenditures, whereas under U.S. generally accepted accounting principles they are not reported in the University’s statement of activities as expenses or financial aid. New loan advances under the Federal Direct Loan Program represent the amount of such loans processed by the University for the year and are not reportable as transactions in the University’s financial statements under U.S. generally accepted accounting principles. Other amounts presented in this schedule as expenditures may differ from amounts presented in, or used in the preparation of, the basic financial statements, although such differences are not material to the basic financial statements.

Title: INDIRECT COST RATE Accounting Policies: The schedule of expenditures of federal awards includes only the current year federal grant activity of William Woods University (the University) and is presented on the accrual basis of accounting. 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. Under these standards, Federal Pell Grant Program awards are reported as expenditures, whereas under U.S. generally accepted accounting principles they are not reported in the University’s statement of activities as expenses or financial aid. New loan advances under the Federal Direct Loan Program represent the amount of such loans processed by the University for the year and are not reportable as transactions in the University’s financial statements under U.S. generally accepted accounting principles. Other amounts presented in this schedule as expenditures may differ from amounts presented in, or used in the preparation of, the basic financial statements, although such differences are not material to the basic financial statements. De Minimis Rate Used: N Rate Explanation: The University has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. The University has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.

Title: LOANS OUTSTANDING Accounting Policies: The schedule of expenditures of federal awards includes only the current year federal grant activity of William Woods University (the University) and is presented on the accrual basis of accounting. 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. Under these standards, Federal Pell Grant Program awards are reported as expenditures, whereas under U.S. generally accepted accounting principles they are not reported in the University’s statement of activities as expenses or financial aid. New loan advances under the Federal Direct Loan Program represent the amount of such loans processed by the University for the year and are not reportable as transactions in the University’s financial statements under U.S. generally accepted accounting principles. Other amounts presented in this schedule as expenditures may differ from amounts presented in, or used in the preparation of, the basic financial statements, although such differences are not material to the basic financial statements. De Minimis Rate Used: N Rate Explanation: The University has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. The University had the following loan balances outstanding as of June 30, 2023: Federal Perkins Loan Program - Assistance Listing Number 84.038 - Amount Outstanding $469,067