Notes to SEFA
Title: Note 1-Basis of presentation
Accounting Policies: Expenditures reported in 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: The College has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal and state awards (the "Schedule") includes the federal and state grant activity of Warren Wilson College (the "College") under programs of the federal government and the state of North Carolina for the year ended June 30, 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") and the State Single Audit Implementation Act. Because the Schedule presents only a selected portion of the operations of the College, it is not intended to and does not present the consolidated financial position, changes in net assets, or cash flows of the College.
Title: Note 4-Higher Education Emergency Relief Fund
Accounting Policies: Expenditures reported in 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: The College has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The CARES Act created a Higher Education Emergency Relief Fund ("HEERF") to provide financial relief to students and institutions who were impacted by the COVID-19 pandemic. The Coronavirus Response and Relief Supplemental Appropriations Act (CRRSAA) and the American Rescue Plan (ARP) provided additional rounds of HEERF (II and III). The HEERF funds contained three components, an institutional award, a student aid award, and a strengthening institution program award. The following cumulative amounts have been awarded as of June 30, 2022: See notes to the SEFSA for chart/table.
Title: Note 5-Federal Direct Student Loans
Accounting Policies: Expenditures reported in 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: The College has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Federal Direct Student Loans, amounting to $2,947,633, were made to students of the College during the year ended June 30, 2022. Parent Loans for Undergraduate Studies, amounting to $1,288,050, were made to parents of students of the College during the year ended June 30, 2022.
Title: Note 6-Waiver of Institutional Share Requirements
Accounting Policies: Expenditures reported in 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: The College has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The College received a waiver of institutional-share requirements for the Federal Work-Study Program and the Federal Supplemental Educational Opportunity Grants from the United States Department of Education for the 2021-2022 award year.