Notes to SEFA
Title: Contingency
Accounting Policies: The accompanying schedule of expenditures of federal and state awards (the Schedule) includes the federal and state award activity of William Peace University (the University) under programs of the federal and state governments for the year ended June 30, 2022 and has been prepared using the accrual basis of accounting. Because the Schedule presents only a selected portion of the operations of the University, it is not intended to and does not present the consolidated financial position, changes in net assets, or cash flows of the University.For purposes of the Schedule, federal and state awards include all grants, contracts, and similar agreements entered into directly between the University and agencies and departments of the federal and state governments or subawards. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and the North Carolina Need-Based Scholarship Program Compliance Supplement Guide (State Guidance). Expenditures for programs of the student financial assistance cluster include the federal portion of students Federal Supplemental Educational Opportunity Grants (FSEOG) and Federal Work-Study (FWS) program grants, certain other federal financial aid for students, and administrative cost allowances, where applicable. Federal Pell Grant Program awards are recognized as agency transactions and are not recorded as expenditures in the financial statements, but are reflected inthe Schedule. The University has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The University did not disburse any federal or state funds to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The grant revenue amounts received are subject to audit and adjustment. If any expenditures are disallowed by the grantor agencies as a result of such an audit, any claim for reimbursement to the grantor agencies would become a liability of the University. In the opinion of management, and with the exception of certain findings presented in the accompanying schedule of findings and questioned costs, all grant expenditures are in compliance with the terms of the grant agreements and applicable federal and state laws and regulations.
Title: Matching
Accounting Policies: The accompanying schedule of expenditures of federal and state awards (the Schedule) includes the federal and state award activity of William Peace University (the University) under programs of the federal and state governments for the year ended June 30, 2022 and has been prepared using the accrual basis of accounting. Because the Schedule presents only a selected portion of the operations of the University, it is not intended to and does not present the consolidated financial position, changes in net assets, or cash flows of the University.For purposes of the Schedule, federal and state awards include all grants, contracts, and similar agreements entered into directly between the University and agencies and departments of the federal and state governments or subawards. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and the North Carolina Need-Based Scholarship Program Compliance Supplement Guide (State Guidance). Expenditures for programs of the student financial assistance cluster include the federal portion of students Federal Supplemental Educational Opportunity Grants (FSEOG) and Federal Work-Study (FWS) program grants, certain other federal financial aid for students, and administrative cost allowances, where applicable. Federal Pell Grant Program awards are recognized as agency transactions and are not recorded as expenditures in the financial statements, but are reflected inthe Schedule. The University has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The University did not disburse any federal or state funds to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The University obtained a waiver for the year ended June 30, 2022 related to the institutional-share matching requirement of its FSEOG and FWS grants; therefore, the University was not required to comply with any matching requirements.