Notes to SEFA
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Dakota Wesleyan University 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 (the Uniform Guidance). Because the schedule presents only a selected portion of the operations of Dakota Wesleyan University, it is not intended to and does not present the financial position, changes in net assets or cash flows of Dakota Wesleyan University.
Expenditures reported on the Schedule are reported on the modified 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. No federal assistance has been provided to a subrecipient.
Dakota Wesleyan University has elected not to use the 10‐percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The federal loan program listed subsequently is administered directly by Dakota Wesleyan University and balances and transactions relating to these programs are included in Dakota Wesleyan University’s basic financial statements. There were no advances made during the year. The outstanding balance as of May 31, 2025 was $209,846. The Federal government has allowed the Federal Perkins Loan Program to expire in September 2017. The University continues to service existing loans and is remitting the federal portion of the loans back to the Department of Education as instructed.