Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Ohio Wesleyan University and subsidiaries 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 Ohio Wesleyan University and subsidiaries, it is not intended to and does not present the financial position, changes in net assets or cash flows of Ohio Wesleyan University and subsidiaries.
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 in reimbursement. Pass-through entity identifying numbers are presented where available.
The indirect cost rates the University has elected to use can vary depending on the specific grant and requirements of the grantor. The 10% de-minimis rate is used for some grants and is not used for other grants.
Outstanding loan balance under the Perkins Loan Program was $779,206 as of June 30, 2025.