Title: FEDERAL DIRECT STUDENT LOANS
Accounting Policies: The schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Oklahoma Wesleyan University (the “University”) under programs of the federal government for the year ended June 30, 2024. The information in this Schedule is presented in accordance with the requirements 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 the University, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the University. The University includes loans granted under the Federal Direct Student Loans Program as expenditures of federal awards. Federal Direct Student Loan Program balances are not included in the financial statements of the University. 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 limited as to reimbursement. 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. If the University is required to match certain federal assistance, as defined by grant agreements, no such matching has been included as expenditures in the Schedule.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
During the fiscal year ended June 30, 2024, the University processed the following amount of new loans under the Federal Direct Student Loan Program (which includes Subsidized Stafford Loans, Unsubsidized Stafford Loans, and Plus Loans for Undergraduate and Graduate Students):
AL Number Amount Authorized
Federal Direct Student Loans 84.268 $5,702,366
Title: FEDERAL PELL GRANT
Accounting Policies: The schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Oklahoma Wesleyan University (the “University”) under programs of the federal government for the year ended June 30, 2024. The information in this Schedule is presented in accordance with the requirements 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 the University, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the University. The University includes loans granted under the Federal Direct Student Loans Program as expenditures of federal awards. Federal Direct Student Loan Program balances are not included in the financial statements of the University. 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 limited as to reimbursement. 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. If the University is required to match certain federal assistance, as defined by grant agreements, no such matching has been included as expenditures in the Schedule.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Included in the Federal PELL Grant expenditures is an administrative cost allowance of $1,415.
Title: FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT
Accounting Policies: The schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Oklahoma Wesleyan University (the “University”) under programs of the federal government for the year ended June 30, 2024. The information in this Schedule is presented in accordance with the requirements 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 the University, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the University. The University includes loans granted under the Federal Direct Student Loans Program as expenditures of federal awards. Federal Direct Student Loan Program balances are not included in the financial statements of the University. 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 limited as to reimbursement. 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. If the University is required to match certain federal assistance, as defined by grant agreements, no such matching has been included as expenditures in the Schedule.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The following is included as Federal Supplemental Educational Opportunity Grant (FSEOG) expenditures:
Federal share of grants $ 114,880
Institutional share of grants 38,293
Total FSEOG Expenditures $ 153,173
Title: FEDERAL WORK STUDY
Accounting Policies: The schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Oklahoma Wesleyan University (the “University”) under programs of the federal government for the year ended June 30, 2024. The information in this Schedule is presented in accordance with the requirements 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 the University, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the University. The University includes loans granted under the Federal Direct Student Loans Program as expenditures of federal awards. Federal Direct Student Loan Program balances are not included in the financial statements of the University. 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 limited as to reimbursement. 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. If the University is required to match certain federal assistance, as defined by grant agreements, no such matching has been included as expenditures in the Schedule.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The following is included as Federal Work Study (FWS) expenditures:
Federal share of Federal Work Study wages $ 105,237
Institutional share of Federal Work Study wages 35,079
Administrative cost allowance 14,674
Total FWS Expenditures $ 154,990
Title: FEDERAL PERKINS LOAN
Accounting Policies: The schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Oklahoma Wesleyan University (the “University”) under programs of the federal government for the year ended June 30, 2024. The information in this Schedule is presented in accordance with the requirements 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 the University, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the University. The University includes loans granted under the Federal Direct Student Loans Program as expenditures of federal awards. Federal Direct Student Loan Program balances are not included in the financial statements of the University. 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 limited as to reimbursement. 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. If the University is required to match certain federal assistance, as defined by grant agreements, no such matching has been included as expenditures in the Schedule.
De Minimis Rate Used: N
Rate Explanation: The University has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The University administers the Federal Perkins Loan Program. For the purposes of the schedule, the amount reported included the outstanding loan balance at the beginning of the year. Due to regulation changes, no further loans can be made from the program, and no administrative cost allowances can be taken from the loan fund. The loan balance outstanding, net of the allowance for credit losses, was $63,530 at June 30, 2024.
Schools have the option of continuing to collect on outstanding loan balance or can voluntarily liquidate the program. The University has no current plans to begin the Perkins liquidation process. However, the University is required to periodically return excess cash on hand from the program to the Department of Education.