Title: Note 1: Basis of Presentation
Accounting Policies: 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.
Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the
normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10-percent de minimis indirect cost rate allowed under
the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the
federal awards activity of Carl Albert State College (the “College”) 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
(CFR) 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 College, it is not intended to and does not present
the net position, changes in net position, or cash flows of the College.
Title: Note 2: Summary of Significant Accounting Policies
Accounting Policies: 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.
Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the
normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10-percent de minimis indirect cost rate allowed under
the Uniform Guidance.
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.
Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the
normal course of business to amounts reported as expenditures in prior years.
Title: Note 3: Federal Direct Student Loan Program
Accounting Policies: 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.
Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the
normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10-percent de minimis indirect cost rate allowed under
the Uniform Guidance.
Under the Federal Direct Student Loan Program (“Direct Loan Program”), the U.S. Department
of Education makes loans to enable a student or parent to pay the costs of the student’s
attendance at a postsecondary school. The Direct Loan Program enables an eligible student or
parent to obtain a loan to pay for the student’s cost of attendance directly from the U.S.
Department of Education rather than through private lenders. The College administers the
origination and disbursement of the loans to eligible students or parents. The College is not
responsible for the collection of these loans.
Title: Note 4: Subrecipients
Accounting Policies: 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.
Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the
normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10-percent de minimis indirect cost rate allowed under
the Uniform Guidance.
During the year ended June 30, 2024, the College did not provide federal awards to
subrecipients.
Title: Note 5: Indirect Cost Rate
Accounting Policies: 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.
Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the
normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10-percent de minimis indirect cost rate allowed under
the Uniform Guidance.
The College has elected not to use the 10-percent de minimis indirect cost rate allowed under
the Uniform Guidance.