Title: RELATIONSHIP TO FINANCIAL STATEMENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards and state financial assistance (the schedule) includes the federal and state grant activity of Warner University, Inc. (University) under programs of the federal government and the State of Florida for the year ended June 30, 2024. The information in the schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and Chapter 10.650, Rules of Auditor General. Therefore, some amounts presented in the schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Expenditures in the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and the Florida Single Audit Act, 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. If the University is required to match certain federal or state assistance, as defined by the grant agreements, no such matching has been included as expenditures in the schedule.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
See the notes to the SEFA for chart/table.
Title: SUBRECIPIENTS, NON-CASH ASSISTANCE, FEDERAL INSURANCE, LOANS, AND LOAN GUARANTEES
Accounting Policies: The accompanying schedule of expenditures of federal awards and state financial assistance (the schedule) includes the federal and state grant activity of Warner University, Inc. (University) under programs of the federal government and the State of Florida for the year ended June 30, 2024. The information in the schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and Chapter 10.650, Rules of Auditor General. Therefore, some amounts presented in the schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Expenditures in the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and the Florida Single Audit Act, 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. If the University is required to match certain federal or state assistance, as defined by the grant agreements, no such matching has been included as expenditures in the schedule.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The University did not provide any federal funds to subrecipients nor did they receive any federal non-cash assistance, insurance, loans, or loan guarantees.
Title: FEDERAL PERKINS LOAN PROGRAM
Accounting Policies: The accompanying schedule of expenditures of federal awards and state financial assistance (the schedule) includes the federal and state grant activity of Warner University, Inc. (University) under programs of the federal government and the State of Florida for the year ended June 30, 2024. The information in the schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and Chapter 10.650, Rules of Auditor General. Therefore, some amounts presented in the schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Expenditures in the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and the Florida Single Audit Act, 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. If the University is required to match certain federal or state assistance, as defined by the grant agreements, no such matching has been included as expenditures in the schedule.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
See the notes to the SEFA for chart/table.
Title: INSTITUTIONAL ELIGIBILITY LIMITATIONS IN ACCORDANCE WITH 34 CFR 600.7 (a)1
Accounting Policies: The accompanying schedule of expenditures of federal awards and state financial assistance (the schedule) includes the federal and state grant activity of Warner University, Inc. (University) under programs of the federal government and the State of Florida for the year ended June 30, 2024. The information in the schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and Chapter 10.650, Rules of Auditor General. Therefore, some amounts presented in the schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Expenditures in the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and the Florida Single Audit Act, 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. If the University is required to match certain federal or state assistance, as defined by the grant agreements, no such matching has been included as expenditures in the schedule.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
To maintain institutional eligibility to participate in the Department of Education's Title IV financial aid programs, the University is required to comply with 34 CFR 600.7 (a) 1 which limits the number of correspondence courses, the number of students enrolled in correspondence courses, the number of incarcerated students enrolled, and the number of students enrolled without a high school diploma or recognized equivalent. As part of the audit procedures, compliance with these limitations was tested. No non-compliance with the requirements was noted.