Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of the Oklahoma State Regents for Higher Education (the “Regents” or “OSRHE”) 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 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 the Regents, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Regents.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of the Oklahoma State Regents for Higher Education (the “Regents” or “OSRHE”) 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 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 the Regents, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Regents.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of the Oklahoma State Regents for Higher Education (the “Regents” or “OSRHE”) 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 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 the Regents, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Regents.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
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. The Regents has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: FEDERAL FAMILY EDUCATION LOAN PROGRAM
Accounting Policies: BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of the Oklahoma State Regents for Higher Education (the “Regents” or “OSRHE”) 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 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 the Regents, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Regents.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The Regents, through its Oklahoma College Assistance Program (OCAP), continues to maintain loan guarantees for the Federal Family Education Loan (FFEL) Program. No new loans are being made under the federal program, but OCAP is responsible for the existing loan portfolio that totals $731,428,576.