Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Wartburg College and Subsidiary under programs of the federal government for the year ended May 31, 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 College, it is not intended to and does not present the financial position, changes in net assets or cash flows of the College.
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 College has not elected to use the 10% de minimis indirect cost rate.
The Federal Perkins Loan Program is administered directly by the College, and balances and transactions related to this program are included in the College's consolidated financial statements. Loan outstanding at the beginning of the year are included in the federal expenditures in the Schedule. Federal Perkins loans outstanding at May 31, 2025 totaled $222,060.