Notes to SEFA
Title: Federal Perkins 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Miami University elected not to exercise its option to use the 10-percent de minimus indirect cost rate due to the fact that the University has an existing approved indirect cost rate.
The Federal Perkins Loan Program listed subsequently is administered directly by the University and balances and transactions related to this program are included in the University's financial statements. There were no new loans made during the current year and balances of loans outstanding at June 30, 2023 were $2,673,327.
Title: Basis of Presentation
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Miami University elected not to exercise its option to use the 10-percent de minimus indirect cost rate due to the fact that the University has an existing approved indirect cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Miami University (the University) 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 select portion of the operations of the University, it is not intended to and does not present the financial position, changes in net position, or cash flows of the University.