Notes to SEFA
Title: NOTE 1: BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards includes federal grant activity of
the College 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 (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The College did not elect to use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes federal grant activity of
Washington State College of Ohio (the College) includes the federal award activity of the federal
government for the year ended June 30, 2024. The information on this Schedule is prepared 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 financial position, changes in net
position, or cash flows of the College.
Title: NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards includes federal grant activity of
the College 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 (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The College did not elect to use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes federal grant activity of
the College 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 (Uniform Guidance).
The College did not elect to use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
Title: NOTE 3: FEDERAL DIRECT LOAN PROGRAM
Accounting Policies: The accompanying schedule of expenditures of federal awards includes federal grant activity of
the College 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 (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The College did not elect to use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
The College participates in the William D. Ford Federal Direct Loan Program. The College
originates the loans which are then funded through the U.S. Department of Education.
Federal Subsidized Loans $ 1,275,544
Federal Unsubsidized Loans 1,780,349
Federal Plus Loans 6,562
Total Federal Direct Student Loans $ 3,062,455