Audit 22642

Title: Federal Student Loan Programs Accounting Policies: 1. Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant award activity of Saint Mary-of-the-Woods College (the College) under programs of the federal government 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 for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the College, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the College.2. 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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. 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. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. Loans made by the College to eligible students under the Federal Perkins Loan Program and federal student loans issued by the Federal Direct Loan Program for the year ended June 30, 2022 are summarized as follows: Federal Perkins Loan Program: Loans disbursed $0. Federal Direct Loan Program: Federal Unsubsidized Loans $3,632,938; Federal Subsidized Loans $1,729,868; Federal Plus Loans $794,337. As of June 30, 2022, total cumulative loans outstanding from the Federal Perkins Loan Program are $271,664, including an allowance for uncollectible accounts of $100,344. The College is responsible only for the performance of certain administrative duties with respect to the Federal Direct Loan Program and, accordingly, these loans are not included in the financial statements of the College. It is not practical to determine the balance of loans outstanding to students and former students of the College under this program as of June 30, 2022. The current expenditures under the Federal Direct Loan Program of $6,152,797 are included in the accompanying Schedule of Expenditures of Federal Awards.