Notes to SEFA
Title: Student Loan Program
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of The University of Oklahoma Health Sciences Center (the Center) under programs of the federal government for the year ended June 30, 2023. The information 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). Because the Schedule presents only a selected portion of the operations of the Center, it is not intended to and does not present the financial position, changes in financial position, or cash flows of the Center. Expenditures reported in the Schedule are reported on the cash basis of accounting. Federal awards provided to subrecipients are treated as expenditures when paid to the subrecipient. When applicable, 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. For purposes of the Schedule, federal awards have been identified into two types: Direct federal awards consisting of federal assistance and federal student financial aid, and Pass-through funds received from non-federal organizations made under federally sponsored programs conducted by those organizations. Complete Assistance Listing numbers are presented for those programs for which such numbers were available. Assistance Listing number prefixes are presented for programs for which a complete Assistance Listing number is not available. Federal direct programs are presented by federal department and, where applicable, the funding agency within the department. Federal pass-through programs are presented by the entity through which the University received the federal award. Amounts provided to subrecipients from each federal program have been separately identified for additional analysis. These pass-through awards are included in total cash basis expenditures. The University of Oklahoma – Norman Campus administers the Pell Grant program, Supplemental Education Opportunity Grants, College Work Study, and other grant student award programs for students attending both the Norman and Center campuses of the University. Grant revenues and expenditures under such programs for students attending the Center campus are considered passthrough funds and are, therefore, included in the Schedule.
De Minimis Rate Used: N
Rate Explanation: The Center has not elected to use the 10% de minimis cost rate allowed under the Uniform Guidance.
Federal Direct Student Loan Program: 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 Center administers the origination and disbursement of the loans to eligible students or parents. The Center is not responsible for the collection of these loans. Administered Loan Programs: The federal student loan programs listed subsequently are administered directly by the Center, and balances and transactions relating to these programs are included in the Center’s basic financial statements. Loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at June 30, 2023 consists of: 93.264 Nurse Faculty Loan Program $174,191, 93.342 Health Professions Student Loans $6,038,296, and 93.364 Nursing Student Loans $1,091,697.