Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedules of expenditures of federal and state awards (the schedules) include federal and state award activity of Lawrence University Wisconsin (the University) under programs of the federal and state government for the year ended June 30, 2022. The information in these schedules 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) and the Wisconsin State Single Audit Guidelines issued by the Wisconsin Department of Administration. Because the schedules present only a selected portion of operations of the University, they are not intended to and do not present the financial position, changes in net assets, or cash flows of the University.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The federal student loan program listed in the schedule of expenditures of federal awards is administered by the University, and balances and transactions relating to this program are included in the Universitys basic financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the schedule of expenditures of federal awards. Federal Perkins loans outstanding at June 30, 2022 totaled $2,260,467.
Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedules of expenditures of federal and state awards (the schedules) include federal and state award activity of Lawrence University Wisconsin (the University) under programs of the federal and state government for the year ended June 30, 2022. The information in these schedules 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) and the Wisconsin State Single Audit Guidelines issued by the Wisconsin Department of Administration. Because the schedules present only a selected portion of operations of the University, they are not intended to and do not present the financial position, changes in net assets, or cash flows of the University.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Expenditures reported on the schedules are reported on the accrual basis of accounting.Such expenditures are recognized following the cost principles contained in the UniformGuidance and the Wisconsin State Single Audit Guidelines, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement.
Title: Subrecipients
Accounting Policies: The accompanying schedules of expenditures of federal and state awards (the schedules) include federal and state award activity of Lawrence University Wisconsin (the University) under programs of the federal and state government for the year ended June 30, 2022. The information in these schedules 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) and the Wisconsin State Single Audit Guidelines issued by the Wisconsin Department of Administration. Because the schedules present only a selected portion of operations of the University, they are not intended to and do not present the financial position, changes in net assets, or cash flows of the University.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The University has no sub-recipients of federal funds for the year ended June 30, 2022.