Notes to SEFA
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. Negative
amounts shown on the Schedule represent adjustments or credits made in the normal course of
business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The University has not elected to use the 10 percent de minimis indirect cost rate as allowed under
the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal
award activity of Midway University, Inc. (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 (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
University, it is not intended to and does not present the financial position, changes in net assets, or
cash flows of the University.
Title: Summary of Significant Accounting Policies
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. Negative
amounts shown on the Schedule represent adjustments or credits made in the normal course of
business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The University has not elected to use the 10 percent de minimis indirect cost rate as allowed under
the Uniform Guidance.
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. Negative
amounts shown on the Schedule represent adjustments or credits made in the normal course of
business to amounts reported as expenditures in prior years.
Title: Indirect Cost Rate
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. Negative
amounts shown on the Schedule represent adjustments or credits made in the normal course of
business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The University has not elected to use the 10 percent de minimis indirect cost rate as allowed under
the Uniform Guidance.
The University has not elected to use the 10 percent de minimis indirect cost rate as allowed under
the Uniform Guidance.
Title: Federal Student Loan Programs
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. Negative
amounts shown on the Schedule represent adjustments or credits made in the normal course of
business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The University has not elected to use the 10 percent de minimis indirect cost rate as allowed under
the Uniform Guidance.
The University is responsible only for the performance of certain administrative duties with respect
to the Federal Direct Loan Program and, accordingly, these loans are not included in the financial
statements of the University. It is not practical to determine the balance of loans outstanding to
students and former students of the University under this program as of June 30, 2023. The current
expenditures under the Federal Direct Loan Program of $8,092,100 are included in the
accompanying Schedule of Expenditures of Federal Awards.