Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) summarizes the federal awards expended by Baldwin Wallace University (University) for the year ended June 30, 2023. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations 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 at 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, loans, and loan guarantee agreements entered into directly between the University and agencies and departments of the federal government and pass-through entities. Expenditures for federal award programs are recognized on the accrual basis of accounting. The awards presented in the Schedule do not require the use of an indirect cost rate. The University has elected to not use the ten percent de minimus indirect cost rate allowed under the Uniform Guidance. Of the federal expenditures presented in the Schedule, the University provided no federal awards to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The rates are approved according to a rate agreement with the Department of Health and Human Services.
The accompanying schedule of expenditures of federal awards (Schedule) summarizes the federal awards expended by Baldwin Wallace University (University) for the year ended June 30, 2024. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations 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 at 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, loans, and loan guarantee agreements entered into directly between the University and agencies and departments of the federal government and pass-through entities. Expenditures for federal award programs are recognized on the accrual basis of accounting. The awards presented in the Schedule do not require the use of an indirect cost rate. The University has elected to not use the ten percent de minimus indirect cost rate allowed under the Uniform Guidance. Of the federal expenditures presented in the Schedule, the University provided no federal awards to subrecipients.
Title: Federal Student Loan Programs
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) summarizes the federal awards expended by Baldwin Wallace University (University) for the year ended June 30, 2023. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations 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 at 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, loans, and loan guarantee agreements entered into directly between the University and agencies and departments of the federal government and pass-through entities. Expenditures for federal award programs are recognized on the accrual basis of accounting. The awards presented in the Schedule do not require the use of an indirect cost rate. The University has elected to not use the ten percent de minimus indirect cost rate allowed under the Uniform Guidance. Of the federal expenditures presented in the Schedule, the University provided no federal awards to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The rates are approved according to a rate agreement with the Department of Health and Human Services.
Loans made by the University to eligible students under federal student loan programs and federally funded loans issued to students of the University during the year ended June 30, 2024 are summarized as follows: Loans disbursed for the year ended Program name CFDA number June 30, 2024 Federal Direct Student Loan 84.268 $ 23,941,485. The Federal Perkins Loan Program is administered by University Accounting Services, Inc. (UAS), and balances and transactions relating to this program are included in the University’s financial statements. Loans 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 under the Federal Perkins Loan Program was $1,242,892 at June 30, 2024. The University did not receive an administrative cost allowance under the Perkins program during the year ended June 30, 2024. The University is responsible only for the performance of certain administrative duties with respect to the Federal Direct Student Loan Program. Accordingly these loans are not included in its financial statements, and it is not practical to determine the balance of loans outstanding to students and former students of the University under this program at June 30, 2024.