Audit 44267

Title: BASIS OF PRESENTATION Accounting Policies: Expenditures are reported on the Schedule on the accrual basis of accounting. Such expenditures are recognized following the cost principles obtained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as toreimbursement. De Minimis Rate Used: N Rate Explanation: Iowa Wesleyan University has not elected to use the 10 percent de minimus cost rate as allowed by the Uniform Guidance. The accompanying schedule of expenditures of federal awards includes the federal grant and loan activity of Iowa Wesleyan University under programs of the federal government for the year ended May 31, 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 selectedportion of the operations of Iowa Wesleyan University, it is not intended to and does not present the financial position, change in net assets, or cash flows of Iowa Wesleyan University.