Title: Note 1 - Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the same basis of accounting as the 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. Pass-through entity identifying numbers
are presented where available.
De Minimis Rate Used: N
Rate Explanation: The University has not elected to use the
10-percent de minimus indirect cost rate to recover indirect costs as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant activity of
The University of Akron (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 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.
Title: Note 2 - Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the same basis of accounting as the 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. Pass-through entity identifying numbers
are presented where available.
De Minimis Rate Used: N
Rate Explanation: The University has not elected to use the
10-percent de minimus indirect cost rate to recover indirect costs as allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the same basis of accounting as the 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. Pass-through entity identifying numbers
are presented where available.
The University attempts to recover facilities and administrative costs by means of predetermined rates. The
predetermined rates are a result of negotiated agreements with the U.S. Department of Health and Human
Services. The predetermined rates are 52% for on-campus research, 35.5% for other on-campus sponsored
activities and 26% for off-campus research through June 30, 2028. The University has not elected to use the
10-percent de minimus indirect cost rate to recover indirect costs as allowed under the Uniform Guidance.
Title: Note 3 – Loans Outstanding
Accounting Policies: Expenditures reported on the Schedule are reported on the same basis of accounting as the 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. Pass-through entity identifying numbers
are presented where available.
De Minimis Rate Used: N
Rate Explanation: The University has not elected to use the
10-percent de minimus indirect cost rate to recover indirect costs as allowed under the Uniform Guidance.
The following schedule represents total loans advanced to students by The University and balances outstanding
for the Perkins and Nursing Student Loan Programs for the year ended June 30, 2024:
Cluster/Program Title
Ass istance
Listing
Number
Advances
Outstanding
Balances
Perkins Loan Program (net of allowances) 8 4.038 $ - $ 1 ,419,758
Nursing Student Loan Program (net of allowances) 9 3.364 24,580 449,884
Title: Note 4 - Adjustments and Transfers
Accounting Policies: Expenditures reported on the Schedule are reported on the same basis of accounting as the 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. Pass-through entity identifying numbers
are presented where available.
De Minimis Rate Used: N
Rate Explanation: The University has not elected to use the
10-percent de minimus indirect cost rate to recover indirect costs as allowed under the Uniform Guidance.
As allowable and in accordance with federal regulations issued by the U.S. Department of Education, The
University transferred $188,400 of Federal Work Study (FWS) Program (84.033) award funds to the Federal
Supplemental Education Opportunity Grant (SEOG) Program (84.007). The University carried forward and spent
$59,803 of the 2022-2023 SEOG award to the 2023-2024 award year.
In addition, the University carried forward $83,771 and $53,448 of the 2023-2024 FWS and SEOG awards,
respectively, to the 2024-2025 award year. The University spent $83,771 of the carried forward FWS funds
from the 2022-2023 award year during the 2023-2024 award year.
Title: Note 5 - Reconciliation
Accounting Policies: Expenditures reported on the Schedule are reported on the same basis of accounting as the 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. Pass-through entity identifying numbers
are presented where available.
De Minimis Rate Used: N
Rate Explanation: The University has not elected to use the
10-percent de minimus indirect cost rate to recover indirect costs as allowed under the Uniform Guidance.
The following schedule is a reconciliation of total expenditures as shown on the Schedule to the revenue shown
as federal grants and contracts on the Statement of Revenues, Expenses and Changes in Position (the
Statement), which is included as part of The University's financial statements:
Expenditures per the Schedule $ 87,810,165
Pell grants (19,292,976)
Federal direct loans (47,709,248)
Federal Perkins loan program (2,576,519)
Nursing student loan program (513,987)
Federal grants passed through state entities (2,784,389)
Federal grants passed through local entities (32,616)
Private grants (3,973,196)
Federal purchased service contracts 37,745
Indirect costs excluded from federal grants on Statement 165,036
Federal grants and contracts as shown on the Statement $ 11,130,015
Current restricted funds derived from appropriations, gifts or grants may be used only to meet current
expenditures for the purposes specifically identified by sponsoring agencies. The appropriations, gifts or
grants are recognized as revenue in The University's external financial statements as expended.
Therefore, expenditures per the Schedule reconciles with federal grants and contracts revenue on the
Statement, except as noted above.