Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Note 1 - Basis of Accounting and Summary of Significant Accounting PoliciesThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Northwest University and Northwest University Foundation (collectively, the University) under programs of the federal government for the year ended May 31, 2022. 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 assets or cash flows of the University.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.Federal grants awarded to the University on a cost-reimbursement basis are conditional grants for which revenue is recognized in the period the conditions are satisfied.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
FEDERAL PERKINS LOAN PROGRAM (84.038) - Balances outstanding at the end of the audit period were $0.