Audit 346386

Accounting Policies: The schedule of expenditures of federal awards includes only the current year federal grant and loan activity of Westminster College (the College) 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 (CFR) 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 College’s statement of activities as expenses or financial aid. New loan advances under the Federal Direct Student Loans Program represent the amount of such loans processed by the College for the year and are not reportable as transactions in the College’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 basic financial statements, although such differences are not material to the basic financial statements. De Minimis Rate Used: N Rate Explanation: The College has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.