Audit 290287

Title: Loans Balances Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Youngstown State University (the “University") under programs of the federal government for the year ended June 30, 2023. The information in the 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 (the "Uniform Guidance”). Because the Schedule presents only a selected 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. Expenditures reported in the Schedule are reported on the same basis of accounting as the basic financial statements. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement, and frequently asked questions, as outlined in the 2023 Compliance Supplement Addendum. 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. The pass-through entity identifying numbers are presented where available. The University has elected not to use the 10 percent de minimis indirect cost rate to recover indirect costs, as allowed under the Uniform Guidance, and instead uses indirect cost rates ranging from 8 percent to 26.3 percent per the respective grant agreements or current federally negotiated indirect cost rate. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. Federal Direct Loan Program The University participates in the Federal Direct Student Loan Program (84.268). The University originates, but does not provide funding for, federal direct loans (FDL). The amount presented on the schedule of expenditures of federal awards represents the value of new FDL processed by the University for the year ended June 30, 2023. Federal Perkins Loan Program Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The University liquidated the Federal Perkins Loan Program with the final liquidation pending confirmation by the Department of Education after completion of Perkins close-out audit. There were no loan balances outstanding at June 30, 2023. The federal share of the University's final fund capital from the Perkins Loan Program is $71,296 and was refunded on May 11, 2023.