Notes to SEFA
Title: Adjustments and Transfers
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule") includes the federal grant activity of Oakland University (the “University”) under programs of the federal government for the year ended June 30, 2024. The information in the 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 (the “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 position, or cash flows of the University. Expenditures reported in the Schedule are reported on the same basis of accounting as the University's basic financial statements. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are 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. The pass-through entity identifying numbers are presented where available.
The University has elected not to use the 10 percent de minimis indirect cost rate to recover indirect costs, as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
As allowable and in accordance with federal regulations issued by the U.S. Department of Education, in the year ended June 30, 2024, the University transferred $168,750 of the 2023-2024 Federal Work-Study Program (ALN 84.033) award to the Federal Supplemental Educational Opportunity Grant (ALN 84.007) award, which it expended in the 2023-2024 award year.
Title: Loan Balances
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule") includes the federal grant activity of Oakland University (the “University”) under programs of the federal government for the year ended June 30, 2024. The information in the 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 (the “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 position, or cash flows of the University. Expenditures reported in the Schedule are reported on the same basis of accounting as the University's basic financial statements. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are 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. The pass-through entity identifying numbers are presented where available.
The University has elected not to use the 10 percent de minimis indirect cost rate to recover indirect costs, as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The University participates in the Federal Perkins Loan Program through the Department of Education and the Nurse Faculty Loan Program through the Department of Health and Human Services. For both of these programs, the beginning of year balance and loans made during the year are disclosed in the schedule of expenditures of federal awards. The balance of loans outstanding for the Federal Perkins Loan Program (ALN 84.038) was $0 as of June 30, 2024. There were no program disbursements under the Federal Perkins Loan Program for the year ended June 30, 2024. During the year ended June 30, 2024, the University liquidated the Perkins Loan Program and assigned all outstanding loans to the U.S. Department of Education. A Perkins Loan closeout audit was completed as part of this Single Audit. The balance of loans outstanding for the Nurse Faculty Loan Program (ALN 93.264) was $644,072 as of June 30, 2024.