Notes to SEFA
Title: Federal Student Loan Program
Accounting Policies: 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: N
Rate Explanation: Dakota Wesleyan University has elected not use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Federal Perkins Loan Program (Federal CFDA Number 84.038) is administered directly by Dakota Wesleyan University and balances and transactions relating to this program is included in Dakota Wesleyan University's basic financial statements. Loans made during the year are included in the schedule of expenditures of Federal Awards. The balance of loans outstanding at May 31, 2022 were $205,706.