Notes to SEFA
Title: Student Financial Assistance and Loan Programs
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) presents the expendituresof all federal awards programs of Waynesburg University (the University) using the accrual basis ofaccounting. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Codeof Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and AuditRequirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in thisSchedule may differ from amounts presented in, or used in the preparation of, the basic financialstatements. Because the Schedule presents only a selected portion of the operations of the University, itis not intended to and does not present the financial position, changes in net assets or cash flows of theUniversity.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The total loans granted under the Federal Direct Student Loan Program, which were not made by theUniversity but were received by its students, were approximately $9,800,000 for the year ended June 30,2022.The total loans outstanding under the Federal Perkins Loan Program, the Nursing Student Loan Programand the Nursing Faculty Loan Program at June 30, 2022 were approximately $2,906,000. In addition,loans totaling approximately $547,000 were awarded under these programs during the year endedJune 30, 2021.Federal awards expenditures include loans administered under the Federal Direct Student Loan Programduring the year ended June 30, 2022, and Federal Perkins Loans, Nursing Student Loans, and NurseFaculty Loans outstanding as of June 30, 2021 plus loans awarded during the year ended June 30, 2022.
Title: Payments to Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) presents the expendituresof all federal awards programs of Waynesburg University (the University) using the accrual basis ofaccounting. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Codeof Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and AuditRequirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in thisSchedule may differ from amounts presented in, or used in the preparation of, the basic financialstatements. Because the Schedule presents only a selected portion of the operations of the University, itis not intended to and does not present the financial position, changes in net assets or cash flows of theUniversity.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The University passes-through certain Federal assistance received for the Teaching with Primary SourcesProgram to other entities. These expenditures are recorded on the accrual basis of accounting when therelated services are performed. Included in the total amount expended from the Teaching with PrimarySources Program is $278,087 relating to passed through expenditures.