Title: Basis of Presentation
Accounting Policies: accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: Wesleyan University has a federally negotiated MTDC rate with DHHS
The accompanying supplementary schedule of expenditures of federal awards (the Schedule) summarizes
the expenditures of Wesleyan University (the University) under programs of the federal government for the
year ended June 30, 2024. The information in the 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. Because the Schedule presents only a
selected portion of the operations of the University, it is not intended to and does not present the financial
position, changes in net assets or cash flows of the University.
For purposes of the Schedule, federal awards include all grants, contracts, and similar agreements entered
into directly between the University and agencies and departments of the federal government and all
sub-awards to the University by nonfederal organizations pursuant to federal grants, contracts, and similar
agreements. Amounts disbursed from the University to subrecipient entities are also presented on the
Schedule.
Title: Significant Accounting Policies
Accounting Policies: accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: Wesleyan University has a federally negotiated MTDC rate with DHHS
The accompanying Schedule is presented on the accrual basis of accounting
Title: Indirect Costs
Accounting Policies: accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: Wesleyan University has a federally negotiated MTDC rate with DHHS
The University has an approved rate agreement with the Department of Health and Human Services for
recovering indirect costs on grants and contracts with the Federal Government. The agreement contains a
predetermined facilities and administrative cost rate of 64.3%. The University did not elect to utilize the
10% de minimis indirect cost rate allowed under the Uniform Guidance. The predetermined facilities and
administrative rate is effective from July 1, 2017 to June 30, 2024.
Title: Federal Perkins Loan Program
Accounting Policies: accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: Wesleyan University has a federally negotiated MTDC rate with DHHS
During the year ended June 30, 2024, there we no loans advanced under the Federal Perkins Loan
Program. There was no administrative cost allowance claimed for the year ended June 30, 2024. As of
June 30, 2024 and 2023, the Perkins loans receivable balances were $505,286 and $775,352,
respectively. The University is continuing to service loans under the Perkins programs; however, no new
loans were made subsequent to September 30, 2017.
Title: Federal Direct Loan Program
Accounting Policies: accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: Wesleyan University has a federally negotiated MTDC rate with DHHS
The amount of loans advanced during the year ended June 30, 2024 to students and parents under the
Federal Direct Loan Program (FDL) was $6,568,626.
With respect to the FDL program, the University is responsible only for the performance of certain
administrative duties and, accordingly, these loans are not included in the University’s financial statements.
It is not practical to determine the balances of loans outstanding to students of the University under this
program at June 30, 2024.