Audit 290569

Title: 3. Student Financial Assistance Loan Programs Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) presents the expenditures of all federal awards programs of La Roche University (the University) using the accrual basis of accounting. De Minimis Rate Used: N Rate Explanation: The University has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. The total loans granted under the Federal Direct Student Loan Program, which were not made by the University but were received by its students, were approximately $14,860,000 for the year ended June 30, 2023. The total loans outstanding under the Federal Perkins Loan Program at June 30, 2023 were approximately $144,000. Federal awards expenditures include loans administered under the Federal Direct Student Loan Program during the year ended June 30, 2023, and Federal Perkins Loans outstanding as of June 30, 2022.

Title: 4. Relationship to Basic Financial Statements Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) presents the expenditures of all federal awards programs of La Roche University (the University) using the accrual basis of accounting. De Minimis Rate Used: N Rate Explanation: The University has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. 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). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of, the basic 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.