Notes to SEFA
Title: Federal Student Loan Programs
Accounting Policies: NOTE 1 BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Widener University 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 2 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 Widener University, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Widener University.
For purposes of the Schedule, federal awards include all grants, contracts, and similar agreements entered into directly between the University and agencies or departments of the federal government, and all subawards to the University by nonfederal organizations pursuant to federal grants, contracts, and similar agreements.
NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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: N
Rate Explanation: Widener University elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Federal Perkins Loan Program is administered directly by Widener University, and balances and transactions relating to this program are included in Widener University’s basic financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at June 30, 2024 is $2,296,611.
Title: Student Financial Aid Institutional Program Eligibility Metrics
Accounting Policies: NOTE 1 BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Widener University 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 2 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 Widener University, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Widener University.
For purposes of the Schedule, federal awards include all grants, contracts, and similar agreements entered into directly between the University and agencies or departments of the federal government, and all subawards to the University by nonfederal organizations pursuant to federal grants, contracts, and similar agreements.
NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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: N
Rate Explanation: Widener University elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The below ratios represent the institutional and program eligibility requirements under the Higher Education Act of 1965 and Federal regulations under 34 CFR 668.23:
0%: Correspondence courses the institution offers under 34 CFR 600.7(b) and (g)
0%: Regular students that enroll in correspondence courses under 34 CFR 600.7(b) and (g)
1%: Institution's regular students that are incarcerated under 34 CFR 600.7(c) and (g)
0%: Completion rates for confined or incarcerated individuals enrolled in non-degree programs at nonprofit institutions under 34 CFR 600.7(c)(3)(ii) and (g)
0%: Institution's regular students that lack a high school diploma or its equivalent under 34 CFR 600.7(d) and (g)
0%: Completion rates for short-term programs under 34 CFR 668.8(f) and (g)
0%: Placement rates for short-term programs under https://www.ecfr.gov/current/title-34/subtitle-B/chapter-VI/part-668/subpart-A/section-668.8 34 CFR 668.8(e)(2)