Notes to SEFA
Title: Basis of presentation
Accounting Policies: The accounting policies of the Organization conform to accounting principles generally accepted in the United States of America as applicable to not-for-profit entities. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. All expenditures incurred under federally sponsored agreements are recognized and recorded on an accrual basis, except for subrecipient award costs which are recognized and recorded on a cash basis.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Goodwin University, Inc. and Subsidiaries (the "Organization") 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 (the "Uniform Guidance"). Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Organization.
Title: Loans outstanding
Accounting Policies: The accounting policies of the Organization conform to accounting principles generally accepted in the United States of America as applicable to not-for-profit entities. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. All expenditures incurred under federally sponsored agreements are recognized and recorded on an accrual basis, except for subrecipient award costs which are recognized and recorded on a cash basis.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Organization is responsible only for the performance of certain administrative duties with respect to the Federal Direct Student Loans Program and, accordingly, these loans are not included in the Organization's basic consolidated financial statements. It is not practical to determine the balance of loans outstanding to students of the Organization under this program as of June 30, 2024.
Title: Federal direct student loans program
Accounting Policies: The accounting policies of the Organization conform to accounting principles generally accepted in the United States of America as applicable to not-for-profit entities. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. All expenditures incurred under federally sponsored agreements are recognized and recorded on an accrual basis, except for subrecipient award costs which are recognized and recorded on a cash basis.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The amount of loans advanced during the year ended June 30, 2024 under the Federal Direct Student Loans Program (CFDA #84.268) to students was $58,077,464, which has been reported as expenditures in the accompanying Schedule.