Audit 54404

Accounting Policies: Note A--Basis of PresentationThe accompanying schedule of expenditures of federal awards (the Schedule) includes thefederal awards activity of Northwestern Oklahoma State University under programs for the federalgovernment for the year ended June 30, 2022. The information in this Schedule is presented inaccordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards(Uniform Guidance). Because the Schedule presents only a selected portion of the operations ofNorthwestern Oklahoma State University, it is not intended to and does not present the financialposition, changes in net position, or cash flows of Northwestern Oklahoma State University.Note B--Summary of Significant 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 UniformGuidance, wherein certain types of expenditures are not allowable or are limited as toreimbursement.? Under CFDA number 84.268, the Federal Direct Student Loan Program (Direct LoanProgram), the U.S. Department of Education makes loans to enable a student or parentto pay the costs of the students attendance at a postsecondary school. The Direct LoanProgram enables an eligible student or parent to obtain a loan to pay for the students costof attendance directly from the U.S. Department of Education rather than through privatelenders. The University administers the origination and disbursement of the loans toeligible students or parents. The University is not responsible for the collection of theseloans.? The University has elected not to use the 10 percent de minimis indirect cost rate asallowed under the Uniform Guidance.? During the year ended June 30, 2022, the University did not provide any federal awardsto subrecipients.Note C--Federal Direct Student Loan ProgramThe University participates in the Federal Direct Loan Program (the Program), CFDA number84,268, which includes the Federal Subsidized Direct loan, the Federal Unsubsidized Direct Loan,the Federal Graduate Student PLUS Direct Loan, and Federal Direct Loans Parents ofUndergraduate Students. The Program requires the University to draw down cash; and theUniversity is required to perform certain administrative functions under the Program. Failure toperform such functions may require the University to reimburse the loan guarantee agencies. TheUniversity is not responsible for the collection of these loans. The value of loans made during theaudit period are considered Federal awards expended for the audit period. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.