Title: Pell Grant Expenditures
Accounting Policies: 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, 2022. 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: The auditee did not use the de minimis cost rate.
The Pell grant expenditures are the actual amounts incurred through June 30, 2022. TheUniversity will process amendments subsequent to year end to finalize the 2021-2022 award year. Amounts reported do not include an administrative cost allowance of $12,360.
Title: Revenue Reconciliation
Accounting Policies: 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, 2022. 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: 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: Total expenditures of federal awards $67,919,935, less Direct loans, $31,939,770, plus Federal contract vendor relationship revenue, $4,083, plus COVID-19 Saginaw Valley State University Higher Education Emergency Institutional Relief prior year deferred revenue, $13,246, equals $35,997,494.
Title: Loan/Loan Guarantee Outstanding Balances
Accounting Policies: 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, 2022. 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: The auditee did not use the de minimis cost rate.
For the year ended June 30, 2022, Direct Student Loans totaled $31,939,770 ($10,011,398 subsidized, $18,422,566 unsubsidized, $3,243,509 PLUS, and $262,297 direct graduate).