Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Whitworth University and subsidiaries (the University) under programs of the federal government for the year ended June 30, 2025. 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. Pass-through entity identifying numbers are presented where available.
The University has not elected to use the 10% de minimis indirect cost rate rate allowed under the Uniform Guidance.
The Federal Perkins Loan Program (Assistance Listing No. 84.038) is administered directly by the University, and balances and transactions relating to this program are included in the University's consolidated financial statements. Loans outstanding at the beginning of the year are included in the federal expenditures presented in the Schedule. Federal Perkins Loans outstanding at June 30, 2025 totaled $0 as the University liquidated their portfolio of loans during the year.
In fiscal year 2024, the University initiated the processes to cease participation in the Perkins Loan Program. The process was completed in fiscal year 2025. The fiscal year 2025 Single Audit included testing of the Federal Perkins Loan liquidation compliance requirements and the University properly performed end-of-participation procedures in accordance with OMB Compliance Supplement.