Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) summarizes the federal awards expended by Baldwin Wallace University (University) for the year ended June 30, 2022. Such expenditures are recognized following the cost principles contained in 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 at the University, it is not intended to and does not present the financial position, changes in net assets or cash flows of the University. For purposes of the Schedule, federal awards include all grants, contracts, loans, and loan guarantee agreements entered into directly between the University and agencies and departments of the federal government and pass-through entities. Expenditures for federal award programs are recognized on the accrual basis of accounting. The awards presented in the Schedule do not require the use of an indirect cost rate. The University has elected to not use the ten percent de minimus indirect cost rate allowed under the Uniform Guidance. Of the federal expenditures presented in the Schedule, the University provided no federal awards to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
FEDERAL DIRECT STUDENT LOANS (84.268) - Balances outstanding at the end of the audit period were 24388226. FEDERAL PERKINS LOAN PROGRAM (84.U38) - Balances outstanding at the end of the audit period were 2171675.