A Federal Compliance Report
A Report on State of Texas Compliance with Federal Requirements for the Student Financial Assistance Cluster for the Year Ended August 31, 2023
February 2024
Overview
The State of Texas complied in all material respects with the federal requirements for the Student Financial Assistance Cluster in fiscal year 2023. As a condition of receiving federal funding, Title 2, Code of Federal Regulations, Section 200.501, requires non-federal entities that expend $750,000 or more in federal awards in a fiscal year to obtain annual Single Audits. The Single Audit for the State of Texas included (1) all high-risk federal programs for which the State expended more than $137,539,208 in federal funds during fiscal year 2023 and (2) other selected federal programs.
During fiscal year 2023 (from September 1, 2022, through August 31, 2023), the State of Texas expended $91.7 billion in federal funds, and it reported a total of $4.3 billion in expenditures for the Student Financial Assistance Cluster. The State Auditor’s Office audited compliance with requirements for the Student Financial Assistance Cluster at 18 higher education institutions, which spent approximately $3.1 billion in federal Student Financial Assistance Cluster funds during fiscal year 2023.
