Title: NOTE 1 - BASIS OF PRESENTATION
Accounting Policies: Expenditures for federal award programs are recognized on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The College does not use the 10% de minimus rate permitted under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) summarizes the federal
expenditures incurred by Wheaton College (the College) under awards received from the federal
government for the year ended June 30, 2024. For purposes of the Schedule, federal awards include all
grants, contracts, loans, and loan guarantee agreements entered into directly between the College and
pass-through agencies and departments of the federal government. Expenditures for federal award
programs are recognized on the accrual basis of accounting. The Schedule summarizes expenditures by:
Student Financial Assistance Cluster, Research and Development Cluster, and other federal
programs;
Primary federal funding agency;
Direct award agreement between the College and federal granting agencies; and
Subaward (pass-through award) agreements between the College and nonfederal granting
agencies
Student Financial Assistance Cluster: The Student Financial Assistance Cluster includes certain awards
to provide financial assistance to eligible students under the Federal Pell Grant Program, Federal
Supplemental Educational Opportunity Grants Program (FSEOG), and Federal Work-Study Program
(FWS). Additionally, the College determines eligibility and performs certain other compliance functions
relative to federally guaranteed loans made by the U.S. Department of Education to qualified students under
the Federal Direct Loan Program (Direct Loan).
The College recognizes expenditures for federal student financial aid programs as they are disbursed to
student accounts. Student financial aid programs with fiscal year 2024 expenditures include Federal Pell
program grants to students, the federal share of students’ FSEOG program grants, and the federal share
of the FWS program expenditures. The College also reports loan disbursements under the Federal Direct
Loan program. Administrative cost allowances permitted under several programs are reported on the
Schedule.
Research and Development Cluster: The Research and Development Cluster includes those awards that
are for basic and applied research and development activities and for research training. Title 2 U.S. Code
of Federal Regulations Part 200, Uniform Administrative Requirements, Cost principles, and Audit
Requirements for Federal Awards (Uniform Guidance), defines research and development as follows:
research is a systematic study directed toward fuller scientific research knowledge or understanding of the
subject studied; development is the systematic use of knowledge and understanding gained from research
directed toward the production of useful materials, devices, systems, or method, including design and
development of prototypes and processes.
U.S. Army – Reserve Officers’ Training Corps (ROTC): The College received $1,416,346 from the U.S.
Army for reimbursement of tuition for ROTC students at the College. Because ROTC is responsible for
program compliance, including determining eligibility, the College is considered a vendor for ROTC funds
and these funds are not included in the Schedule.
Direct and Indirect Federal Award Expenditures: Federal award expenditures consist of direct and indirect
costs. Direct costs are those that can be easily identified with an individual federally sponsored project. The
salary of a principal investigator of a sponsored research project and the materials consumed by the project
are examples of direct costs. Unlike direct costs, indirect costs cannot easily be identified with an individual federally sponsored project.
Indirect costs are the costs of services and resources that benefit both sponsored and nonsponsored
projects and activities. Indirect costs consist of expenses incurred for administration, library, plant
maintenance, debt, and building and equipment depreciation.
The College does not use the 10% de minimus rate permitted under the Uniform Guidance. Rather, a
negotiated indirect cost rate is used to charge indirect costs to individual federally sponsored projects. The
rate is the result of a number of complex cost allocation procedures used to allocate indirect costs to both
sponsored and nonsponsored activities. The costs allocated to sponsored projects are divided by the direct
costs of sponsored projects to arrive at a rate.
Title: NOTE 2 - FEDERAL LOAN PROGRAMS
Accounting Policies: Expenditures for federal award programs are recognized on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The College does not use the 10% de minimus rate permitted under the Uniform Guidance.
Loans made by the College to eligible students under the various Federal loan programs for the year ended
June 30, 2024 are summarized below:
Federal direct loan program:
Federal Direct Subsidized and Unsubsidized Loans to students $ 9,821,234
Federal Direct PLUS Loans to parents of dependent students 3,589,163
Total federal direct loans $ 13,410,397
During the fiscal year ended June 30, 2023, the College completed the liquidation of the Perkins Loan
Program (“Perkins”). As of June 30, 2023, the College had completed the assignment of all Perkins loans
to the DOE and had updated the National Students Loan Data System records. The College did not owe
any funds to the DOE upon liquidation. There are no remaining liabilities or assets association with the
Perkins Loan Program as of June 30, 2024.
Title: NOTE 3 - NONCASH ASSISTANCE
Accounting Policies: Expenditures for federal award programs are recognized on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The College does not use the 10% de minimus rate permitted under the Uniform Guidance.
The College had no noncash assistance awarded or expended for the year ended June 30, 2024.
Title: NOTE 4 - GUARANTEED INSURANCE
Accounting Policies: Expenditures for federal award programs are recognized on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The College does not use the 10% de minimus rate permitted under the Uniform Guidance.
The College had no federal guaranteed insurance in force or expended for the year ended June 30, 2024.