Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Westminster University and affiliate (the University) for the year ended June 30, 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, 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 consolidated financial position, changes in net assets, functional expenses, 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. The University did not elect to use the 10% de minimus indirect cost rate as allowed under Uniform Guidance.
During the year ended June 30, 2025, the University issued new loans to students under the Federal Direct Loan Program (FDLP). The value of loans issued for the FDLP is based on disbursed amounts. The University is responsible only for the performance of certain administrative duties with respect to the federally guaranteed student loan programs and, accordingly, balances and transactions relating to these loan programs are not included in the University’s consolidated financial statements. Therefore, it is not the responsibility of the University to determine the balance of loans outstanding to students and former students of the University at June 30, 2025. The loans made by the University to eligible students under the FDLP during the year ended June 30, 2025, are summarized as follows: See the notes to the SEFA for the table. The Federal Perkins Loan Program is administered directly by the University, and balances and transactions relating to these programs are included in the University’s consolidated financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. There were no new loans made under the Federal Perkins Loan Program for the year ended June 30, 2025. The balance of loans outstanding at June 30, 2025, consists of: See the notes to the SEFA for the table.