Title: Federal Student Loan Programs
Accounting Policies: For purposes of the Schedule, expenditures for federal award programs are recognized on the cash basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Guidance Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited to reimbursement. Expenditures for federal student financial aid programs include Federal Pell program grants to students, the federal share of students' Federal Supplemental Educational Opportunity Grants ("FSEOG"), Federal Work-Study ("FWS") program earnings and administrative cost allowances, and expenditures of the Teacher Education Assistance for College and Higher Education grants ("TEACH").
De Minimis Rate Used: N
Rate Explanation: The auditee did not elect to use the 10% de minimis rate. The University operates under predetermined facilities and administrative cost rates, which were effective beginning October 1, 2017 and are effective through September 30, 2023. The base rate for on-campus research is 51%. Base rates for other facilities and administrative cost recoveries range from 40% for on-campus Other Sponsored Activities to 52% for on-campus Sponsored Instruction. The University operates under provisional facilities and administrative cost rates which were effective beginning October 1, 2020 and are effective until amended.
The Federal Perkins Loan Program ("Perkins") and the Health Professional Student Loan Program ("HPSL") are administered directly by the University. Balances and transactions relating to these programs are included in the University's basic financial statements. The balances of loans outstanding at September 30, 2023, and funds advanced by the University to eligible students during the year ended September 30, 2023, under the federal student loan programs are summarized as follows: See the Notes to the SEFA for the chart/table.
Title: Federal Direct Student Loans (AL#84.268)
Accounting Policies: For purposes of the Schedule, expenditures for federal award programs are recognized on the cash basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Guidance Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited to reimbursement. Expenditures for federal student financial aid programs include Federal Pell program grants to students, the federal share of students' Federal Supplemental Educational Opportunity Grants ("FSEOG"), Federal Work-Study ("FWS") program earnings and administrative cost allowances, and expenditures of the Teacher Education Assistance for College and Higher Education grants ("TEACH").
De Minimis Rate Used: N
Rate Explanation: The auditee did not elect to use the 10% de minimis rate. The University operates under predetermined facilities and administrative cost rates, which were effective beginning October 1, 2017 and are effective through September 30, 2023. The base rate for on-campus research is 51%. Base rates for other facilities and administrative cost recoveries range from 40% for on-campus Other Sponsored Activities to 52% for on-campus Sponsored Instruction. The University operates under provisional facilities and administrative cost rates which were effective beginning October 1, 2020 and are effective until amended.
The Direct Loan program enables an eligible student or parent to obtain a loan to pay for the student's cost of attendance directly through the University rather than through private lenders. As a university qualified to originate loans, the University is responsible for handling the complete loan origination process, including funds management and promissary note functions. The University is not responsible for collection of these loans. During the program year ended September 30, 2023 the University processed the following amount of student loans under the Direct Loan program: See the Notes to the SEFA for the chart/table.
Title: Administrative Cost Allowance
Accounting Policies: For purposes of the Schedule, expenditures for federal award programs are recognized on the cash basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Guidance Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited to reimbursement. Expenditures for federal student financial aid programs include Federal Pell program grants to students, the federal share of students' Federal Supplemental Educational Opportunity Grants ("FSEOG"), Federal Work-Study ("FWS") program earnings and administrative cost allowances, and expenditures of the Teacher Education Assistance for College and Higher Education grants ("TEACH").
De Minimis Rate Used: N
Rate Explanation: The auditee did not elect to use the 10% de minimis rate. The University operates under predetermined facilities and administrative cost rates, which were effective beginning October 1, 2017 and are effective through September 30, 2023. The base rate for on-campus research is 51%. Base rates for other facilities and administrative cost recoveries range from 40% for on-campus Other Sponsored Activities to 52% for on-campus Sponsored Instruction. The University operates under provisional facilities and administrative cost rates which were effective beginning October 1, 2020 and are effective until amended.
During the program year ended June 30, 2023, the University charged $83,250 and AUM charged $21,375 to the Federal Work-Study program for administrative cost allowance. No administrative cost allowance was charged to the Federal Perkins Loan Program or the FSEOG for either campus.
Title: Basis of Presentation
Accounting Policies: For purposes of the Schedule, expenditures for federal award programs are recognized on the cash basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Guidance Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited to reimbursement. Expenditures for federal student financial aid programs include Federal Pell program grants to students, the federal share of students' Federal Supplemental Educational Opportunity Grants ("FSEOG"), Federal Work-Study ("FWS") program earnings and administrative cost allowances, and expenditures of the Teacher Education Assistance for College and Higher Education grants ("TEACH").
De Minimis Rate Used: N
Rate Explanation: The auditee did not elect to use the 10% de minimis rate. The University operates under predetermined facilities and administrative cost rates, which were effective beginning October 1, 2017 and are effective through September 30, 2023. The base rate for on-campus research is 51%. Base rates for other facilities and administrative cost recoveries range from 40% for on-campus Other Sponsored Activities to 52% for on-campus Sponsored Instruction. The University operates under provisional facilities and administrative cost rates which were effective beginning October 1, 2020 and are effective until amended.
The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal expenditures of Auburn University (the "University") under programs of the federal government for the year ended September 30, 2023. This schedule has been prepared using the cash basis of accounting to accurately report expenditures when paid. 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). Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements of the University. Negative amounts represent adjustments or credits to amounts reported as expenditures in prior years. This results in accurate reporting on a cumulative basis over multiple periods. Assistance Listing ("AL") numbers and pass-through numbers are provided wehn available. For purposes of the Schedule, federal awards include all grants, contracts, and similar agreements entered into directly between the University and agencies and departments of the federal government, federal appropriations to land grant universities, and all subawards made to the University by nonfederal organizations pursuant to federal grants, contracts, and similar agreements.
Title: Summary of Significant Accounting Policies
Accounting Policies: For purposes of the Schedule, expenditures for federal award programs are recognized on the cash basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Guidance Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited to reimbursement. Expenditures for federal student financial aid programs include Federal Pell program grants to students, the federal share of students' Federal Supplemental Educational Opportunity Grants ("FSEOG"), Federal Work-Study ("FWS") program earnings and administrative cost allowances, and expenditures of the Teacher Education Assistance for College and Higher Education grants ("TEACH").
De Minimis Rate Used: N
Rate Explanation: The auditee did not elect to use the 10% de minimis rate. The University operates under predetermined facilities and administrative cost rates, which were effective beginning October 1, 2017 and are effective through September 30, 2023. The base rate for on-campus research is 51%. Base rates for other facilities and administrative cost recoveries range from 40% for on-campus Other Sponsored Activities to 52% for on-campus Sponsored Instruction. The University operates under provisional facilities and administrative cost rates which were effective beginning October 1, 2020 and are effective until amended.
For purposes of the Schedule, expenditures for federal award programs are recognized on the cash
basis of accounting. Such expenditures are recognized following the cost principles contained in
Title 2 U.S. Code of Federal Regulations Part 200, Uniform Guidance Administrative Requirements,
Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain
types of expenditures are not allowable or are limited to reimbursement. Expenditures for federal
student financial aid programs include Federal Pell program grants to students, the federal share of
students’ Federal Supplemental Educational Opportunity Grants (“FSEOG”), Federal Work-Study
(“FWS”) program earnings and administrative cost allowances, and expenditures of the Teacher
Education Assistance for College and Higher Education grants (“TEACH”).
Title: Facilities and Administrative Costs
Accounting Policies: For purposes of the Schedule, expenditures for federal award programs are recognized on the cash basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Guidance Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited to reimbursement. Expenditures for federal student financial aid programs include Federal Pell program grants to students, the federal share of students' Federal Supplemental Educational Opportunity Grants ("FSEOG"), Federal Work-Study ("FWS") program earnings and administrative cost allowances, and expenditures of the Teacher Education Assistance for College and Higher Education grants ("TEACH").
De Minimis Rate Used: N
Rate Explanation: The auditee did not elect to use the 10% de minimis rate. The University operates under predetermined facilities and administrative cost rates, which were effective beginning October 1, 2017 and are effective through September 30, 2023. The base rate for on-campus research is 51%. Base rates for other facilities and administrative cost recoveries range from 40% for on-campus Other Sponsored Activities to 52% for on-campus Sponsored Instruction. The University operates under provisional facilities and administrative cost rates which were effective beginning October 1, 2020 and are effective until amended.
The University did not elect to use the 10% de minimis rate. The University operates under
predetermined facilities and administrative cost rates, which were effective beginning October 1,
2017 and are effective through September 30, 2023. The base rate for on-campus research is 51%.
Base rates for other facilities and administrative cost recoveries range from 40% for on-campus
Other Sponsored Activities to 52% for on-campus Sponsored Instruction. The University operates
under provisional facilities and administrative cost rates which were effective beginning October 1,
2020 and are effective until amended.