Notes to SEFA
Title: FEDERAL DIRECT STUDENT LOANS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) has been prepared using the accrual basis of accounting in accordance with the format as set forth in 2 CFR 200 (Uniform Guidance) Subpart F, Audit Requirements, issued by the United States Office of Management and Budget. The Schedule reflects the expenditures of Wright State University under programs financed by the U.S. government for the year ended June 30, 2023. Because the schedule presents only a selected portion of the operations of the University, it is not intended to and does not present the financial position, changes in net position or cash flows of the University. For purposes of the Schedule, expenditures of federal awards include the following: Direct federal awards; Federal Direct Student Loans processed by the University; Outstanding balances of federal loan programs administered by the University; Pass-through funds received from non-Federal organizations made under federally sponsored programs conducted by those organizations. Awards are classified into major program and non-major program categories in accordance with the provisions of the Office of Management and Budget (OMB) 2 CFR 200 (Uniform Guidance) Subpart F, Audit Requirements. Federal Assistance Listing Numbers (FALN) or Primary Grant Numbers are presented for those programs for which such numbers are available. Negative amounts shown on the schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The University did not elect to use the 10% de minimis cost rate as covered in §200.414 Indirect (F&A) costs.
De Minimis Rate Used: N
Rate Explanation: Wright State University elected not to exercise its option to use the 10-percent de minimus indirect cost rate due to the fact that the University has an existing approved indirect cost rate.
The University is responsible only for the performance of certain administrative duties with respect to the Federal Direct Student Loan program (FALN Number 84.268). Therefore, only new loans made during the year are reflected in the schedule.
Title: FEDERAL LOAN PROGRAMS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) has been prepared using the accrual basis of accounting in accordance with the format as set forth in 2 CFR 200 (Uniform Guidance) Subpart F, Audit Requirements, issued by the United States Office of Management and Budget. The Schedule reflects the expenditures of Wright State University under programs financed by the U.S. government for the year ended June 30, 2023. Because the schedule presents only a selected portion of the operations of the University, it is not intended to and does not present the financial position, changes in net position or cash flows of the University. For purposes of the Schedule, expenditures of federal awards include the following: Direct federal awards; Federal Direct Student Loans processed by the University; Outstanding balances of federal loan programs administered by the University; Pass-through funds received from non-Federal organizations made under federally sponsored programs conducted by those organizations. Awards are classified into major program and non-major program categories in accordance with the provisions of the Office of Management and Budget (OMB) 2 CFR 200 (Uniform Guidance) Subpart F, Audit Requirements. Federal Assistance Listing Numbers (FALN) or Primary Grant Numbers are presented for those programs for which such numbers are available. Negative amounts shown on the schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The University did not elect to use the 10% de minimis cost rate as covered in §200.414 Indirect (F&A) costs.
De Minimis Rate Used: N
Rate Explanation: Wright State University elected not to exercise its option to use the 10-percent de minimus indirect cost rate due to the fact that the University has an existing approved indirect cost rate.
The federal loan programs listed subsequently are administered directly by the University and balances and transactions relating to the programs are included in the University’s financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the schedule. FEDERAL PERKINS LOAN PROGRAM FEDERAL CAPITAL CONTRIBUTIONS (84.U38) - Balances outstanding at the end of the audit period were $2,584,071. HEALTH PROFESSIONS STUDENT LOANS, INCLUDING PRIMARY CARE LOANS/LOANS FOR DISADVANTAGED STUDENTS (93.342) - Balances outstanding at the end of the audit period were $11,014. HEALTH PROFESSIONS STUDENT LOANS, INCLUDING PRIMARY CARE LOANS/LOANS FOR DISADVANTAGED STUDENTS (93.342) - Balances outstanding at the end of the audit period were $18,976. NURSE FACULTY LOAN PROGRAM (NFLP) (93.264) - Balances outstanding at the end of the audit period were $9,141. NURSING STUDENT LOANS (93.364) - Balances outstanding at the end of the audit period were $818,490. HEALTH PROFESSIONS STUDENT LOANS, INCLUDING PRIMARY CARE LOANS/LOANS FOR DISADVANTAGED STUDENTS (93.342) - Balances outstanding at the end of the audit period were $177,166.