Notes to SEFA
Title: Basis of Presentation
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: The University has elected not to use the 10-percent de minimis indirect cost rate as allowed in the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of the University of West Alabama (the “University”) under programs of the federal government for the year ended September 30, 2024. The information in this 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 (Uniform Guidance). 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 position, or cash flows of the University.
Title: Federal Perkins Loan Program (84.038)
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: The University has elected not to use the 10-percent de minimis indirect cost rate as allowed in the Uniform Guidance.
The Federal Perkins Loan Program is administered directly by the University. There were no current year student advances under this program. Outstanding loan balances from the previous year’s activity are included in the University’s basic financial statements. The balances of loans outstanding on September 30, 2024, totaled $29,297.26, which is not reflected on the Schedule.
Title: Federal Direct Student Loan Program (84.268)
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: The University has elected not to use the 10-percent de minimis indirect cost rate as allowed in the Uniform Guidance.
The Direct Loan program enables an eligible student or parent to obtain a loan to pay for the student’s cost of attendance directly through the University rather than through private lenders. As a university qualified to originate loans, the University is responsible for handling the complete loan origination process, including funds management and promissory note functions. The University is not responsible for the collection of these loans.
During the program year, the University processed approximately $65.3 million of student loans under the Direct Loan program.