Title: Note A--Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The College elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance for the National Science Foundation grant. Subsequent to the grant award, the College negotiated a 35% indirect rate for future grants.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Lindsey Wilson College, Inc. and Affiliate (the College) under programs of the federal government for the year ended June 30, 2024. 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 financial position, changes in net assets, or cash flows of the College.
Title: Note D--Grants Excluded from the Uniform Guidance
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The College elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance for the National Science Foundation grant. Subsequent to the grant award, the College negotiated a 35% indirect rate for future grants.
Expenditures for the Vocational Rehabilitation for Disabled Veterans and the Post-9/11 Veterans Educational Assistance were excluded from the major program determination during the audit. The above grants have no audit requirement. Their inclusion in the schedule of expenditures of federal awards is for clarity purposes only.
Title: Note E--Reconciliation of the Schedule of Expenditures of Federal Awards
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The College elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance for the National Science Foundation grant. Subsequent to the grant award, the College negotiated a 35% indirect rate for future grants.
The following schedule is a reconciliation of total expenditures as shown on the schedule of expenditures of federal awards to the revenue items shown as Government Grants and Tuition and Fees on the Consolidated Statement of Activities, which is included as part of the College's basic consolidated financial statements.
Expenditures per Schedule of Expenditures of Federal Awards $ 22,503,616
Less: Government Grants as shown on the Consolidated Statement of Activities (635,379)
Plus: Tuition and Fees Paid from Other Sources 45,052,029
TOTAL: Tuition and Fees as shown on the Consolidated Statement of Activities
$ 66,920,266
Title: Note F--Loan Programs
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The College elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance for the National Science Foundation grant. Subsequent to the grant award, the College negotiated a 35% indirect rate for future grants.
During the fiscal year ended June 30, 2024, the College terminated its participation in the Federal Perkins Loan Program, which was administered directly by the College. The authority to make new loans under this program ended on June 30, 2018. The Department of Education has enacted procedures to return the notes receivable from debtors to the Department of Education, and the Department of Education would service the collection of the loans. During the fiscal year ended June 30, 2024, the College enacted these procedures. The balance of these loans as shown on the Consolidated Statements of Financial Position on June 30, 2024 and 2023 was $0 and $201,742, respectively. During the year ended June 30, 2024, the College returned $6 in Federal Perkins Loan Program funds to the Department of Education. All outstanding loans have been assigned to the Department of Education.