Notes to SEFA
Title: Note 4: Federal Loan Programs
Accounting Policies: 1. The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Ohio Northern University under programs of the federal government for the year ended May 31, 2024. 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 Ohio Northern University, it is not intended to and does not present the financial position, changes in net assets or cash flows of Ohio Northern University. 2. 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 to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Ohio Northern University has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The federal loan programs listed subsequently are administered directly by Ohio Northern University, and balances and transactions relating to these programs are included in Ohio Northern University’s consolidated 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 Ohio Northern University, consists of CFDA 84.038, Federal Perkins Loan Program $1,987,670; CFDA 93.342, Health Professions Student Loans $3,825,213; and CFDA 10.766, Community Facilities Loans and Grants $63,253,098.
Title: Note 5: Subrecipients
Accounting Policies: 1. The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Ohio Northern University under programs of the federal government for the year ended May 31, 2024. 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 Ohio Northern University, it is not intended to and does not present the financial position, changes in net assets or cash flows of Ohio Northern University. 2. 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 to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Ohio Northern University has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
There were no subrecipients during the year ended May 31, 2024.