Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the (identify basis of accounting) 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.
De Minimis Rate Used: N
Rate Explanation: Allowed under uniform guidance
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the
federal award activity of Northeastern 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). Because the Schedule presents only a selected portion of the operations of
Northeastern State University, it is not intended to and does not present the financial position,
changes in net assets, or cash flows of Northeastern State University.
Title: Federal Direct Student Loan Program
Accounting Policies: Expenditures reported on the Schedule are reported on the (identify basis of accounting) 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.
De Minimis Rate Used: N
Rate Explanation: Allowed under uniform guidance
The federal student loan programs listed subsequently are administered directly by Northeastern
State University, and balances and transactions relating to these programs are included in
Northeastern State University’s basic financial statements. 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 balance of loans outstanding at June 30, 2023 consists of: