Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of The Wright Institute (the "Institute") under programs of the federal government for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Institute, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Institute.Expenditures reported on the Schedule are reported on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or limited as to reimbursement. Passthroughentity identifying numbers are presented where available and applicable. FEDERAL WORK-STUDY PROGRAMThe Institute administers the Federal Work-Study program. During the fiscal year ended June 30, 2022, the federal contribution amounted to $90,000. 7. HIGHER EDUCATION EMERGENCY RELIEF FUNDDuring the year ended June 30, 2022, the Institute was expended federal funds of $586,043 under the Higher Education Emergency Relief Fund ("HEERF").
De Minimis Rate Used: N
Rate Explanation: The Institute has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
FEDERAL PERKINS LOAN (84.038) - Balances outstanding at the end of the audit period were 331726. FEDERAL DIRECT STUDENT LOANS (84.268) - Balances outstanding at the end of the audit period were 11728161.
Title: FEDERAL PERKINS LOAN PROGRAM
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of The Wright Institute (the "Institute") under programs of the federal government for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Institute, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Institute.Expenditures reported on the Schedule are reported on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or limited as to reimbursement. Passthroughentity identifying numbers are presented where available and applicable. FEDERAL WORK-STUDY PROGRAMThe Institute administers the Federal Work-Study program. During the fiscal year ended June 30, 2022, the federal contribution amounted to $90,000. 7. HIGHER EDUCATION EMERGENCY RELIEF FUNDDuring the year ended June 30, 2022, the Institute was expended federal funds of $586,043 under the Higher Education Emergency Relief Fund ("HEERF").
De Minimis Rate Used: N
Rate Explanation: The Institute has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Institute administers the Perkins Loan program and balances and transactions relating to the Perkins Loan program are included in the Institute's financial statements. Loans outstanding at the beginning of the year of $329,944 and administrative costs of $1,782 are included in the total federal expenditures presented in the Schedule of $331,726. The balance of Perkins Loans outstanding (AL# 84.038) at June 30, 2022 was $278,829.