Notes to SEFA
Title: MAJOR PROGRAMS:
Accounting Policies: Expenditures reported on the Schedule are reported on the other comprehensive 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Schedule of Expenditures of Federal Awards was prepared under the provisions of Uniform Guidance. Federal programs are classified as either "major" or "non-major". Under the Uniform Guidance, a risk-based approach shall be used to determine which Federal programs are major. This risk-based approach includes consideration of current and prior audit experience, oversight by Federal agencies and pass-through entities, and the inherent risk of the Federal program. Federal programs are labeled as Type A or Type B programs. Type A programs are defined as Federal programs with Federal award expenditures exceeding $750,000, based on the current years level of federal expenditures. All other Federal awards are labeled as Type B programs.
Title: LOANS OUTSTANDING:
Accounting Policies: Expenditures reported on the Schedule are reported on the other comprehensive 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The University is responsible for the performance of certain administrative and compliance duties with respect to the guaranteed loan programs. It is not practical to determine the balance of loans outstanding to students and former students of the University under these programs for the year ended June 30, 2021. These loans are not included in the Universitys financial statements. The financial impact of these outstanding loans are reflected, however, in the Universitys cohort default rate. The Universitys latest cohort default rate for the Federal Direct Loan Program was 7.1%.The Federal Perkins Loan (FPL) program is administered directly by the University; however, there are no new loans awarded under the FPL. See Note E of the financial statements. The balance of the FPL loans at June 30, 2022 totaled $665,425.
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the other comprehensive 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
award activity of Wilberforce University under programs of the federal government for the year ended June 30, 2022. 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 statement of financial position, functional expenses, changes in net assets, or cash flows for the University.