Title: 1
Accounting Policies: As described in footnote 4, the accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Saginaw Valley State University under programs of the federal government for the year ended June 30, 2024. Expenditures reported on the Schedule of Expenditures of Federal Awards are reported on the same basis of accounting as the financial statements, although the basis for determining when federal awards are expended is presented in accordance with the requirements of the Uniform Guidance. In addition, expenditures reported on the Schedule of Expenditures of Federal Awards 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. Therefore, some amounts presented in this Schedule of Expenditures of Federal Awards may differ from amounts presented in, or used, in the preparation of the financial statements. Because the Schedule of Expenditures of Federal Awards presents only a selected portion of the operations of Saginaw Valley State University, it is not intended to, and does not, present the financial position, changes in net position, or cash flows, if applicable, of Saginaw Valley State University. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: As described in footnote 6, the auditee did not use the de minimis cost rate.
As defined in the Uniform Guidance, Student Financial Assistance, Research and Development, and TRIO programs are considered to be clusters of programs and, accordingly, have been classified as one program for testing purposes.
Title: 2
Accounting Policies: As described in footnote 4, the accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Saginaw Valley State University under programs of the federal government for the year ended June 30, 2024. Expenditures reported on the Schedule of Expenditures of Federal Awards are reported on the same basis of accounting as the financial statements, although the basis for determining when federal awards are expended is presented in accordance with the requirements of the Uniform Guidance. In addition, expenditures reported on the Schedule of Expenditures of Federal Awards 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. Therefore, some amounts presented in this Schedule of Expenditures of Federal Awards may differ from amounts presented in, or used, in the preparation of the financial statements. Because the Schedule of Expenditures of Federal Awards presents only a selected portion of the operations of Saginaw Valley State University, it is not intended to, and does not, present the financial position, changes in net position, or cash flows, if applicable, of Saginaw Valley State University. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: As described in footnote 6, the auditee did not use the de minimis cost rate.
Under the William D. Ford Federal Direct Loan Program, students and parents borrow funds directly from the federal government; the University is responsible for verifying student eligibility, electronically transmitting the loan records to the federal processor, and distributing the loan funds directly to the student account or parent borrower. For the year ended June 30, 2024, Direct Student Loans totaled $29,912,335 ($9,155,010 subsidized, $16,964,177 unsubsidized, $3,351,494 PLUS, and $441,654 direct graduate).
Title: 3
Accounting Policies: As described in footnote 4, the accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Saginaw Valley State University under programs of the federal government for the year ended June 30, 2024. Expenditures reported on the Schedule of Expenditures of Federal Awards are reported on the same basis of accounting as the financial statements, although the basis for determining when federal awards are expended is presented in accordance with the requirements of the Uniform Guidance. In addition, expenditures reported on the Schedule of Expenditures of Federal Awards 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. Therefore, some amounts presented in this Schedule of Expenditures of Federal Awards may differ from amounts presented in, or used, in the preparation of the financial statements. Because the Schedule of Expenditures of Federal Awards presents only a selected portion of the operations of Saginaw Valley State University, it is not intended to, and does not, present the financial position, changes in net position, or cash flows, if applicable, of Saginaw Valley State University. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: As described in footnote 6, the auditee did not use the de minimis cost rate.
The Pell grant expenditures are the actual amounts incurred through June 30, 2024. The University will process amendments subsequent to year end to finalize the 2023-2024 award year. Amounts reported do not include an administrative cost allowance of $11,685.
Title: 5
Accounting Policies: As described in footnote 4, the accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Saginaw Valley State University under programs of the federal government for the year ended June 30, 2024. Expenditures reported on the Schedule of Expenditures of Federal Awards are reported on the same basis of accounting as the financial statements, although the basis for determining when federal awards are expended is presented in accordance with the requirements of the Uniform Guidance. In addition, expenditures reported on the Schedule of Expenditures of Federal Awards 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. Therefore, some amounts presented in this Schedule of Expenditures of Federal Awards may differ from amounts presented in, or used, in the preparation of the financial statements. Because the Schedule of Expenditures of Federal Awards presents only a selected portion of the operations of Saginaw Valley State University, it is not intended to, and does not, present the financial position, changes in net position, or cash flows, if applicable, of Saginaw Valley State University. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: As described in footnote 6, the auditee did not use the de minimis cost rate.
A reconciliation of federal expenditures reported as revenue in the financial statements is provided below: