Notes to SEFA
Title: Note A- Basis of Presentation
Accounting Policies: The University prepares the Schedule of Federal Awards based on accrual basis of accounting. The schedule is presented in accordance with requirements of Title 2, U.S. Code of Federal Regulations Awards.
De Minimis Rate Used: N
Rate Explanation: The University has elected no not use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance and instead uses the federally negotiated rate of 43%.
The accompanying Schedule of Expenditures of federal awards (the “Schedule”) includes the federal grant expenditure activity of Western University of Health Sciences and its subsidiaries (the “University”) for the year ended June 30, 2024, and is presented using 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 Administration Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniforrm Guidance"). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the consolidated financial statements. The Schedule presents only a selected portion of the operations of the University, and it is not intended to, and does not, present the financial position, changes in net assets or cash flows of the University. Pass-through entity identifying numbers are presented where available. The University has elected to not use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Note B- Administraive Cost Allowance
Accounting Policies: The University prepares the Schedule of Federal Awards based on accrual basis of accounting. The schedule is presented in accordance with requirements of Title 2, U.S. Code of Federal Regulations Awards.
De Minimis Rate Used: N
Rate Explanation: The University has elected no not use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance and instead uses the federally negotiated rate of 43%.
During the year ended June 30, 2024, the University claimed $ 0 of administrative cost allowance in the federal Perkins Loan Program.
Title: Note C-Federal Student Loan Programs
Accounting Policies: The University prepares the Schedule of Federal Awards based on accrual basis of accounting. The schedule is presented in accordance with requirements of Title 2, U.S. Code of Federal Regulations Awards.
De Minimis Rate Used: N
Rate Explanation: The University has elected no not use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance and instead uses the federally negotiated rate of 43%.
The University administers the following federal loan programs. The balances and transactions related to these programs are included in the University’s consolidated financial statements. The amounts reflected in the Schedule for the various loan programs represent the balance outstanding at the beginning of the fiscal year, plus any new loans issued, plus any administrative cost allowances claimed against the loan program. "See the Notes to the SEFA for chart/table" During the year ended June 30, 2024, the University processed the following amount of new Federal Direct student loans: "See the Notes to the SEFA for chart/table". The University is responsible for the performance of certain administrative duties with respect to these federally guaranteed student loan programs. However, balances and transactions relating to these loans are not included in the University's consolidated financial statements.
Title: Note D- Subsequent Events
Accounting Policies: The University prepares the Schedule of Federal Awards based on accrual basis of accounting. The schedule is presented in accordance with requirements of Title 2, U.S. Code of Federal Regulations Awards.
De Minimis Rate Used: N
Rate Explanation: The University has elected no not use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance and instead uses the federally negotiated rate of 43%.
In preparing the consolidatedd financial statements, the University has evaluated events and transactions for potential recognition or disclosure through October 30,2024 the date this Schedule was available to be issued. The University is not aware of any subsequent events that would require recording or disclosure in the consolidated financial statements.