Notes to SEFA
Accounting Policies: Note 1 - Basis of PresentationThe accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Westminster Theological Seminary under programs of the federal government 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). Because the Schedule presents only a selected portion of the operations of Westminster Theological Seminary, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Westminster Theological SeminaryNote 2 - Summary of Significant Accounting PoliciesExpenditures 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. Westminster Theological Seminary has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Note 3 - Loans OutstandingThe Organization did not have any loan balance outstanding at June 30, 2022.Note 4 - Cluster The Organization did have a federal cluster, Student financial Assistance Cluster, for the year ended June 30, 2022. Note 5 84.425 DesignationsThe Organizations major program 84.425 had the following expenses by designation:84.425F$ 42,86784.425N$249,210Total 84.425$291,867Note 6 SubrecipientsThe Organization did not have any subrecipients for the year ended June 30, 2022.Note 7 Exempt StatusWestminster Theological Seminary is exempt from income taxation under Internal Revenue Code Section 501c3 and California Revenue Taxation Code Section 23701d.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.