Audit 23222

Title: Federal Student Loan Programs Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Manhattan College (the College) and is presented on the accrual basis of accounting. The information in the 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). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the 2022 financial statements. De Minimis Rate Used: N Rate Explanation: The College has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. The College administers and accounts for certain aspects of the Federal Perkins Loan Program. Therefore, the Colleges financial statements include the activity related to this program. The balance of loans outstanding under the Federal Perkins Loan Program as of June 30, 2022 was $629,362. In accordance with presentation requirements, the schedule of expenditures of federal awards includes the amount outstanding at June 30, 2021 for the Federal Perkins Loan Program of $738,076, in addition to administrative costs for the program of $11,412 in fiscal 2022.With respect to the Direct Loan Program, the College is only responsible for the performance of certain administrative duties; therefore, the transactions and the balances of loans outstanding related to this program are not included in the Colleges financial statements. The Schedule includes the amounts loaned to students during the year ended June 30, 2022. It is not practical to determine the balance of loans outstanding to students of the College under this program as of June 30, 2022.