Audit 27558

Accounting Policies: Note A: Basis of PresentationThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awards activity of University of Central Oklahoma under programs for 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 University of Central Oklahoma, it is not intended to and does not present the financial position, changes in net position, or cash flows of the University of Central Oklahoma. Notes 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as toreimbursement. Under CFDA number 84.268, 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 University administers the origination and disbursement of the loans to eligible students or parents. The University is not responsible for the collection of these loans.The University has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.? During the year ended June 30, 2022, the University did not provide any federal award to subrecipients.Note C: Federal Direct Student Loan ProgramThe University participates in the Federal Direct Loan Program (the Program), CFDA number 84,268, which includes the Federal Subsidized Direct loan, the Federal Unsubsidized Direct Loan, the Federal Graduate Student PLUS Direct Loan, and Federal Direct Loans Parents of Undergraduate Students. The Program requires the University to draw down cash; and the University is required to perform certain administrative functions under the Program. Failure to perform such functions may require the University to reimburse the loan guarantee agencies. The University is not responsible for the collection of these loans. The value of loans made during the audit period are considered Federal awards expended for the audit period. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.