Notes to SEFA
Title: Subrecipients
Accounting Policies: This schedule includes the federal awards activity of Ottawa University and is presented on the accrual basis of accounting. 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). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: Ottawa University has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
No federal awards were provided to subrecipients.
Title: Federal Perkins Loan
Accounting Policies: This schedule includes the federal awards activity of Ottawa University and is presented on the accrual basis of accounting. 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). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: Ottawa University has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Federal Perkins Loan program is administered directly by Ottawa University, and balances and transactions related to this program are included in Ottawa University’s basic financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of Federal Perkins Loans outstanding at June 30, 2024 is $673,960.
Title: Community Facilities Loan
Accounting Policies: This schedule includes the federal awards activity of Ottawa University and is presented on the accrual basis of accounting. 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). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: Ottawa University has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Community Facilities Loan outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of the Community Facilities Loan outstanding at June 30, 2024 is $17,975,592.