Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant award activity of Wesleyan College under programs of the federal government for the year ended June 30, 2022. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 College, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the College. 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 as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
FEDERAL PERKINS LOAN (84.038) - Balances outstanding at the end of the audit period were 204720. The amounts presented in the Schedule represent a federal capital contribution of $-0- for the year ended, June 30, 2022. The administration of the Federal Perkins Loan Program is the responsibility of the College and the balances and transactions relating to the program are included in the Colleges financial statements. No further loan disbursements can be made due to regulation changes to the program. The College is required to periodically return excess cash on hand from the program to the Department of Education. During the year ended June 30, 2022, the College returned $134,020 to the Department of Education.
Title: Campus Based Awards
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant award activity of Wesleyan College under programs of the federal government for the year ended June 30, 2022. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 College, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the College. 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 as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
For the year ended June 30, 2022, the College reported federal fund expenditures in the statement of activities of $60,943 for Federal Supplemental Educational Opportunity Grants (FSEOG) (Assistance Listing Number 84.007) and $47,470 for Federal Work-Study (FWS) Program (Assistance Listing Number 84.033).
Title: Federal Direct Loan Program
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant award activity of Wesleyan College under programs of the federal government for the year ended June 30, 2022. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 College, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the College. 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 as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The Federal Direct Loan Program (Assistance Listing Number 84.268) consists, of Direct Subsidized Loans, Direct Unsubsidized Loans, Direct Plus Loans, and Direct Consolidation Loans. Direct loans to eligible students processed during the year ended June 30, 2022 are summarized as follows: Direct Subsidized Loans-$1,130,136;Direct Unsubsidized Loans-$1,426,824; Direct Parent Plus Loans-$398,518; Direct Grad Plus Loans-$28,334 = Total Federal Direct Loans-$2,983,812.
Title: Title III Endowment Challenge Grant Program
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant award activity of Wesleyan College under programs of the federal government for the year ended June 30, 2022. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 College, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the College. 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 as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The College was awarded a Title III Endowment Challenge Grant from 2007 to 2009 from the U.S. Department of Education. The grant required a 1:1 match of the federal funds to encourage additions to institutional endowment funds. Pursuant to the grant, the College matched the grant funds. During the grant period, the College cannot spend or withdraw any part of the endowment corpus, neither the federal nor College matching amount. At the end of the grant period (20 years after 2004), the College may use the endowment for any educational purpose. The College may withdraw and spend up to 50 percent of the total aggregate endowment income earned prior to the date of expenditure. The College did not withdraw funds during the year ended June 30, 2022.
Title: COVID-19 - Education Stabilization Fund
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant award activity of Wesleyan College under programs of the federal government for the year ended June 30, 2022. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 College, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the College. 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 as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The Coronavirus Aid, Relief and Economic Security (CARES) Act that was signed into law on March 27, 2020, established the Higher Education Emergency Relief Fund (HEERF), a subprogram of the Education Stabilization Fund. The program was supplemented by two additional stimulus bills, the Coronavirus Response and Relief Supplemental Appropriations (CRRSA) Act and the American Rescue Plan (ARP) in 2021, providing relief to institutions of higher education and their students to help defray expenses associated with the coronavirus. The College received $849,011 for student aid (Assistance Listing Number 84.425E) and $816,093 in institutional aid (Assistance Listing Number 84.425F) during the year ended June 30, 2022.
Title: Contingencies
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant award activity of Wesleyan College under programs of the federal government for the year ended June 30, 2022. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 College, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the College. 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 as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The Colleges federal programs are subject to financial and compliance audits by grantor agencies which, if instances of material noncompliance are found, may result in disallowed expenditures, and affect the Colleges continued participation in specific programs. The amount, if any, of expenditures which may be disallowed by the grantor agencies cannot be determined at this time, although the College expects such amounts, if any, to be immaterial.