Audit 301718

Title: (1)          Significant Accounting Policies Accounting Policies: Title 2, U.S. Code of Federal Regulations, Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). De Minimis Rate Used: N Rate Explanation: Iowa State University uses a federally negotiated indirect cost rate. A.    Reporting Entity - The reporting entity includes all Iowa State University departments and other entities included in the University's financial report, except for the Iowa State University Foundation, the Iowa State University Achievement Fund and the Original University Foundation (the “Foundation”), which is a discretely presented component unit, and the Iowa State University Research Foundation, Incorporated and the Iowa State University Veterinary Services Corporation, which are blended component units. B.   Basis of Presentation - The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal award activity of Iowa State 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). Programs listed in the Assistance Listing (AL) are so identified. Programs not in the AL are identified as other federal assistance. In accordance with the Uniform Guidance, federal financial assistance is defined as assistance which non-federal entities receive or administer in the form of grants, cooperative agreements, non-cash contributions or donations of property (including donated surplus property), direct appropriations, food commodities, loans, loan guarantees, interest subsidies, insurance and other assistance, but does not include amounts received as reimbursement for services rendered to individuals. Because the Schedule presents only a selected portion of the operations of Iowa State University, it is not intended to and does not present the financial position, changes in net position, or cash flows of Iowa State University. Type A programs, as defined by Uniform Guidance, are those programs for Iowa State University which exceeded $3,000,000 in federal awards expended during the year ended June 30, 2023. C.   Basis of Accounting - Expenditures reported on the Schedule are presented 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. D.   Indirect Cost Rate - Iowa State University uses a federally negotiated indirect cost rate. E.    Grantees - Assistance received directly from the federal government is shown by the grantee receiving the funds. Assistance received from other entities is so noted.

Title: (2)          Federally Funded Loan Programs Accounting Policies: Title 2, U.S. Code of Federal Regulations, Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). De Minimis Rate Used: N Rate Explanation: Iowa State University uses a federally negotiated indirect cost rate. Loan balances, including American Recovery and Reinvestment Act of 2009 (ARRA) related balances, of federally funded loan programs at June 30, 2023 were as follows: AL No. 84.038 - Perkins Loan Program Capital Contributions - $3,599,218 and AL No. 93.342 - Health Professions Student Loans, and Loans for Disadvantaged Students - $5,066,017. See SEFA report