Title: Note 1—Basis of presentation
Accounting Policies: Basis of Accounting – 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, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Indirect Cost Rate - The College has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Wofford College (the “College”) 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 College, it is not intended to, and does not, present the statements of financial position, activities, and cash flows of the College.
Title: Note 3—Federal Perkins Loans
Accounting Policies: Basis of Accounting – 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, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Indirect Cost Rate - The College has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The College administers the Federal Perkins Loan Program to provide financial aid to the students and transactions relating to this program are included in the College’s financial statements. The loan balance outstanding and funds advanced by the College during the year ended June 30, 2023 under the Federal Perkins Loan Program can be summarized as follows: See notes to SEFA for Chart/Table.
Title: Note 4—Federal Direct Student Loans
Accounting Policies: Basis of Accounting – 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, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Indirect Cost Rate - The College has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Federal Direct Student Loans, amounting to $4,592,459, were made to students of the College during the year ended June 30, 2023. Included in this amount are Parent Loans for Undergraduate Studies (PLUS), amounting to $2,591,529, that were made to parents of students of the College during the year ended June 30, 2023.
Title: Note 5—Matching
Accounting Policies: Basis of Accounting – 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, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Indirect Cost Rate - The College has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Under the Federal Work Study Program (“FWS”), the College matched $34,747 in total compensation for the year ended June 30, 2023 in addition to the federal share of expenditures included in the accompanying schedule of expenditures of federal awards.
Under the Federal Supplemental Educational Opportunity Grant Program (“FSEOG”), the College matched $63,677 in funds awarded to students for the years ended June 30, 2023 in addition to the federal share of expenditures included in the accompanying schedule of expenditures of federal awards.