Notes to SEFA
Title: Student Loan Program
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federalaward activity of The University of Oklahoma Health Sciences Center (the Center) under programsof the federal government for the year ended June 30, 2022. The information is presented inaccordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards(Uniform Guidance). Because the Schedule presents only a selected portion of the operations ofthe Center, it is not intended to and does not present the financial position, changes in financialposition, or cash flows of the Center. Expenditures reported in the Schedule are reported on the cash basis of accounting. Federal awardsprovided to subrecipients are treated as expenditures when paid to the subrecipient. Whenapplicable, such expenditures are recognized following the cost principles contained in the UniformGuidance or other federal regulations, wherein certain types of expenditures are not allowable orare limited as to reimbursement. For purposes of the Schedule, federal awards have been identified into two types:? Direct federal awards consisting of federal assistance and federal student financial aid, and? Pass-through funds received from non-federal organizations made under federallysponsored programs conducted by those organizations. Complete Assistance Listing numbers are presented for those programs for which such numberswere available. Assistance Listing number prefixes are presented for programs for which acomplete Assistance Listing number is not available.Federal direct programs are presented by federal department and, where applicable, the fundingagency within the department. Federal pass-through programs are presented by the entity throughwhich the University received the federal award. Amounts provided to subrecipients from eachfederal program have been separately identified for additional analysis. These pass-through awardsare included in total cash basis expenditures.The University of Oklahoma Norman Campus administers the Pell Grant program, SupplementalEducation Opportunity Grants, College Work Study, and other grant student award programs forstudents attending both the Norman and Center campuses of the University. Grant revenues andexpenditures under such programs for students attending the Center campus are considered passthroughfunds and are, therefore, included in the Schedule.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Federal Direct Student Loan Program:Under the Federal Direct Student Loan Program (Direct Loan Program), the U.S. Department of Education makes loans to enable a student or parent to pay the costs of the students attendance at a postsecondary school. The Direct Loan Program enables an eligible student or parent to obtain a loan to pay for the students cost of attendance directly from the U.S. Department of Education rather than through private lenders. The Center administers the origination and disbursement of theloans to eligible students or parents. The Center is not responsible for the collection of these loans. Administered Loan Programs:The federal student loan programs listed subsequently are administered directly by the Center, and balances and transactions relating to these programs are included in the Centers basic financial statements. Loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at June 30, 2022 consists of: Nurse Faculty Loan Program $150,864, Health Professions Student Loans $5,809,310, Nursing Student Loans 1,753,367.