Title: Federal Direct Loan Program
Accounting Policies: The Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant award activity of Wesleyan College under programs of the federal government for the year ended June 30, 2024. The information in the Schedule is presented in accordance with requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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. 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.
De Minimis Rate Used: Y
Rate Explanation: The College has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Federal Direct Loan Program (Assistance Listing Number 84.268) consists of Direct Subsidized Loans, Direct Unsubsidized Loans, Direct Plus Loans, and Direct Consolidation Loans. Direct loans to eligible students processed during the year ended June 30, 2024 are summarized as follows: Direct Subsidized Loans = $904,968 + Direct Unsubsidized Loans $1,245,526 + Direct Plus Loans $310,585 = Total Federal Direct Loans = $2,461,079.
Title: Campus Based Awards
Accounting Policies: The Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant award activity of Wesleyan College under programs of the federal government for the year ended June 30, 2024. The information in the Schedule is presented in accordance with requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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. 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.
De Minimis Rate Used: Y
Rate Explanation: The College has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
For the year ended June 30, 2024, the College reported federal fund expenditures in the statement of activities of $62,553 for Federal Supplemental Educational Opportunity Grants (FSEOG) (Assistance Listing Number 84.007) and $48,327 for Federal Work-Study (FWS) Program (Assistance Listing Number 84.033).
Title: Federal Perkins Loan Program
Accounting Policies: The Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant award activity of Wesleyan College under programs of the federal government for the year ended June 30, 2024. The information in the Schedule is presented in accordance with requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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. 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.
De Minimis Rate Used: Y
Rate Explanation: The College has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The administration of the Federal Perkins Loan Program (Assistance Listing Number 84.038) is the responsibility of the College and the balances and transactions relating to the program are included in the College’s financial statements. No further loan disbursements can be made due to regulation changes to the program. The College is required to periodically return excess cash on hand from the program to the Department of Education. During the year ended June 30, 2024, the College returned $6,002 to the Department of Education. The amount of Federal Perkins loans outstanding at June 30, 2024 is $96,031. The amounts presented in the Schedule represent a federal capital contribution of $-0- for the year ended, June 30, 2024. Loans Oustanding, Beginning of Year = $199,336 - Loan Principal Repaid/Canceled/Written Off/Assigned During Fiscal Year 2024 - (103,305) = Loans Oustanding, End of Year = $96,031.
Title: Title III Endowment Challenge Grant Program
Accounting Policies: The Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant award activity of Wesleyan College under programs of the federal government for the year ended June 30, 2024. The information in the Schedule is presented in accordance with requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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. 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.
De Minimis Rate Used: Y
Rate Explanation: The College has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The College was awarded a Title III Endowment Challenge Grant from 2007 to 2009 from the U.S. Department of Education. The grant required a 1:1 match of the federal funds to encourage additions to institutional endowment funds. Pursuant to the grant, the College matched the grant funds. During the grant period, the College cannot spend or withdraw any part of the endowment corpus, neither the federal nor College matching amount. At the end of the grant period (20 years after 2004), the College may use the endowment for any educational purpose. The College may withdraw and spend up to 50 percent of the total aggregate endowment income earned prior to the date of expenditure. The College did not withdraw funds during the year ended June 30, 2024.
Title: Contingencies
Accounting Policies: The Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant award activity of Wesleyan College under programs of the federal government for the year ended June 30, 2024. The information in the Schedule is presented in accordance with requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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. 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.
De Minimis Rate Used: Y
Rate Explanation: The College has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The College’s federal programs are subject to financial and compliance audits by grantor agencies which, if instances of material noncompliance are found, may result in disallowed expenditures, and affect the College’s continued participation in specific programs. The amount, if any, of expenditures which may be disallowed by the grantor agencies cannot be determined at this time, although the College expects such amounts, if any, to be immaterial.