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 and the State 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 not elected to use the de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal and state awards (the “Schedule”) includes the federal and state award activity of Wingate University and Affiliates (the “University”) under programs of the federal and state governments for the year ended May 31, 2025. 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, Audit Requirements for Federal Awards (“Uniform Guidance”) and the requirements described in the North Carolina Need-Based Scholarship Program Audit Compliance Supplemental Guide (the “State Guidance”). Because the Schedule presents only a selected portion of the operations of Wingate University, it is not intended to and not present the consolidated financial position, changes in net assets or cash flows of Wingate University.
All of the University’s federal and state awards were in the form of cash assistance.
Title: Summary of Significant Accounting Policies
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 and the State 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 not elected to use the de minimis indirect cost rate as allowed under the Uniform Guidance.
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 and the State Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Indirect Cost Rate
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 and the State 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 not elected to use the de minimis indirect cost rate as allowed under the Uniform Guidance.
The University has not elected to use the de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Subrecipients
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 and the State 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 not elected to use the de minimis indirect cost rate as allowed under the Uniform Guidance.
There were no program funds passed through the University to subrecipients during the year ended May 31, 2025.
Title: Federal Direct Student Loan Programs
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 and the State 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 not elected to use the de minimis indirect cost rate as allowed under the Uniform Guidance.
The University is responsible only for the performance of certain administrative duties with respect to its Federal Direct Student Loan Programs and, accordingly, these loans are not included in the University’s consolidated financial statements. It is not practicable to determine the balance of loans outstanding to students and former students of the University under these programs as of May 31, 2025.