Notes to SEFA
Title: Note A--Basis of Presentation
Accounting Policies: Note B--Summary of Significant 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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Note C--Indirect Cost Rate.The College has elected to use the 10% de minimis indirect cost rate as allowed under the UniformGuidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Lindsey Wilson College, Inc. and Affiliate (the College) under programs of the federal government for the year ended June 30, 2023. 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). 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.
Title: Note D--Grants Excluded from the Uniform Guidance
Accounting Policies: Note B--Summary of Significant 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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Note C--Indirect Cost Rate.The College has elected to use the 10% de minimis indirect cost rate as allowed under the UniformGuidance.
Expenditures for the Vocational Rehabilitation for Disabled Veterans and the Post-9/11 Veterans Educational Assistance were excluded from the major program determination during the audit. The above grants have no audit requirement. Their inclusion in the schedule of expenditures of federal awards is for clarity purposes only.
Title: Note E--Reconciliation of the Schedule of Expenditures of Federal Awards
Accounting Policies: Note B--Summary of Significant 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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Note C--Indirect Cost Rate.The College has elected to use the 10% de minimis indirect cost rate as allowed under the UniformGuidance.
The following schedule is a reconciliation of total expenditures as shown on the schedule of expenditures of federal wards to the revenue items shown as Government Grants and Tuition and Fees on the Consolidated Statement of Activities, which is included as part of the College's basic consolidated financial statements. Federal Work-Study Program 242,029;Federal Work-Study Program transferred and spent in Federal Supplemental Educational Opportunity Grants ("FSEOG") 79,625;STEM Education 89,632; COVID-19 - Education Stabilization Fund 659,368;Expenditures per Schedule of Expenditures of Federal Awards 21516970;Less: Government Grants as shown on the Consolidated Statement of Activities (1,070,654);Plus: Tuition and Fees Paid from Other Sources 35,096,252;Total 55,542,568
Title: Note F--Loan Programs
Accounting Policies: Note B--Summary of Significant 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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Note C--Indirect Cost Rate.The College has elected to use the 10% de minimis indirect cost rate as allowed under the UniformGuidance.
The above expenditures for the Perkins Loan Program include disbursements and expenditures such as loans to students and administrative expenditures. The expenditures shown on the schedule of expenditures of federal awards would only include the federal contribution for the award year. During the year ended June 30, 2023, there was no federal contribution.