Audit 33145

Title: Loan/loan guarantee outstanding balances Accounting Policies: The schedule of expenditures of federal awards includes only the current year federal grant activity of William Woods University 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. Under these standards, Federal Pell Grant Program awards are reported as expenditures, whereas under U.S. generally accepted accounting principles they are not reported in the University's statement of activities as expenses or financial aid. New loan advances under the Federal Direct Loan Program represent the amount of such loans processed by the University for the year and are not reportable as transactions in the University's financial statements under U.S. generally accepted accounting principles. Other amounts presented in this schedule as expenditures may differ from amounts presented in, or used in the preparation of, the basis financial statements, although such differences are not material to the basic financial statements. 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 7958175.