Audit 20591

Title: Federal Loans Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federalgrant activity of the University of Puget Sound (the University) under programs of the federalgovernment for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal Awards (Uniform Guidance).Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the consolidated financial statements. 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 assets, or cash flows of the University. De Minimis Rate Used: N Rate Explanation: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Federal direct programs are presented by federal agency. Federal pass-through programs are presented by the federal agency from which the funds were originally granted. No amounts were passed through to other entities. Assistance Listing numbers (ALN) are presented for those programs for which such numbers were available. The University has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Outstanding loans under the Federal Perkins Loan program (ALN #84.038) were $5,659,885 at June 30, 2022.