Audit 291998

Title: Note 1 – Basis of Presentation Accounting Policies: Note 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 Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditure are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: Note 3 – Indirect Costs Although the U.S. Department of Education provides an Administrative Cost Allowance as a component of the Campus Based – Student Financial Aid programs, there is no cost allowance or indirect cost rate allowed as part of the programs listed on the Schedule. The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Presidio Graduate School (PGS) under programs of the federal government for the yearended June 30, 2023. 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 PGS, it is not intended to and does not present the financial position, changes in net assets, or cash flows of PGS.

Title: Note 4 – Subrecipients Accounting Policies: Note 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 Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditure are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: Note 3 – Indirect Costs Although the U.S. Department of Education provides an Administrative Cost Allowance as a component of the Campus Based – Student Financial Aid programs, there is no cost allowance or indirect cost rate allowed as part of the programs listed on the Schedule. PGS made no payments to subrecipients for the year ended June 30, 2023.