Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE ABASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the Schedule) includes thefederal award activity of the Oklahoma State Regents for Higher Education (the Regents) underprograms of the federal government for the year ended June 30, 2022. The information in thisSchedule is presented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirementsfor Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion ofthe operations of the Regents, it is not intended to and does not present the financial position,changes in net position, or cash flows of the Regents.NOTE BSUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures 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. TheRegents have elected not to use the 10percent de minimis indirect cost rate allowed under theUniform Guidance.NOTE CFEDERAL FAMILY EDUCATION LOAN PROGRAMThe Regents, through its Oklahoma College Assistance Program (OCAP) continues to maintainloan guarantees for the Federal Family Education Loan (FFEL) Program. No new loans are beingmade under the federal program, but OCAP is responsible for the existing loan portfolio thattotals $1,000,584,592.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
FEDERAL FAMILY EDUCATION LOANS (84.032) - Balances outstanding at the end of the audit period were 1000584592.