Title: Note A -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. 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.
De Minimis Rate Used: N
Rate Explanation: During the year ended June 30, 2023, the College elected not to use the 10 percent de minimis cost rate under the
Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal awards activity of Western Oklahoma State College (the “College”) under programs of the federal government for the year ended
June 30, 2022. 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 (the “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 B - 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. 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.
De Minimis Rate Used: N
Rate Explanation: During the year ended June 30, 2023, the College elected not to use the 10 percent de minimis cost rate 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. 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 C - Federal District 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. 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.
De Minimis Rate Used: N
Rate Explanation: During the year ended June 30, 2023, the College elected not to use the 10 percent de minimis cost rate 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 D - 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. 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.
De Minimis Rate Used: N
Rate Explanation: During the year ended June 30, 2023, the College elected not to use the 10 percent de minimis cost rate under the
Uniform Guidance.
During the year ended June 30, 2023, the College did not provide federal awards to subrecipients.
Title: Note E - 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. 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.
De Minimis Rate Used: N
Rate Explanation: During the year ended June 30, 2023, the College elected not to use the 10 percent de minimis cost rate under the
Uniform Guidance.
During the year ended June 30, 2023, the College elected not to use the 10 percent de minimis cost rate under the
Uniform Guidance.
Title: Note F- Subsequent Events
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. 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.
De Minimis Rate Used: N
Rate Explanation: During the year ended June 30, 2023, the College elected not to use the 10 percent de minimis cost rate under the
Uniform Guidance.
The College has evaluated the effects of all subsequent events from July 1, 2023 through October 31, 2023, the date the SEFA was available to be issued, for potential recognition or disclosure in this SEFA. The College is not aware of any subsequent events which would require recognition or disclosure in the SEFA.