Title: NOTE 1 – BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal and state awards includes the federal grant activity of Tennessee Wesleyan University under programs of the federal government and State of Tennessee 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 Tennessee Wesleyan University, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Tennessee Wesleyan University. Expenditures reported on the schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Tennessee Wesleyan University has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal and state awards includes the federal grant activity of Tennessee Wesleyan University under programs of the federal government and State of Tennessee 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 Tennessee Wesleyan University, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Tennessee Wesleyan University.
Title: NOTE 2 – SUBRECIPIENTS
Accounting Policies: The accompanying schedule of expenditures of federal and state awards includes the federal grant activity of Tennessee Wesleyan University under programs of the federal government and State of Tennessee 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 Tennessee Wesleyan University, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Tennessee Wesleyan University. Expenditures reported on the schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Tennessee Wesleyan University has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Of the expenditures presented in the schedule, Tennessee Wesleyan University did not provide federal or state awards to sub recipients.
Title: NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal and state awards includes the federal grant activity of Tennessee Wesleyan University under programs of the federal government and State of Tennessee 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 Tennessee Wesleyan University, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Tennessee Wesleyan University. Expenditures reported on the schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Tennessee Wesleyan University has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the schedule are reported on the accrual basis of accounting.
Title: NOTE 4 – INDIRECT COST RATE
Accounting Policies: The accompanying schedule of expenditures of federal and state awards includes the federal grant activity of Tennessee Wesleyan University under programs of the federal government and State of Tennessee 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 Tennessee Wesleyan University, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Tennessee Wesleyan University. Expenditures reported on the schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Tennessee Wesleyan University has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Tennessee Wesleyan University has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: NOTE 5 – FEDERAL LOANS DISBURSED
Accounting Policies: The accompanying schedule of expenditures of federal and state awards includes the federal grant activity of Tennessee Wesleyan University under programs of the federal government and State of Tennessee 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 Tennessee Wesleyan University, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Tennessee Wesleyan University. Expenditures reported on the schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Tennessee Wesleyan University has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The University participates in the Federal Direct Loan Program, including Federal Stafford Loans (Stafford) and Federal PLUS Loans (PLUS). The dollar amounts are listed in the schedule of federal awards although the University is not the recipient of the funds. Such programs are considered a component of the student financial assistance cluster. Loans processed by the University under this loan program were the following for the year ended June 30, 2024: Stafford:
Subsidized $ 1,679,647
Unsubsidized 4,407,016
PLUS 1,079,328
Total Direct Loans $ 7,165,991