Audit 292792

Accounting Policies: 1. Basis of Presentation The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Neumann University under programs of the federal government for the year ended 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 the University, it is not intended to and does not present the financial position, changes in net position or cash flows of the University. 2. Summary of Significant Accounting Policies Expenditures reported on the Schedule are reported on the accrual or modified 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. Pass-through entity identifying numbers are presented where available. De Minimis Rate Used: N Rate Explanation: The University applies pre-approved indirect cost rates ranging from 4% to 10% when charging indirect costs to certain current federal awards, rather than the 10% de minimis indirect cost rate allowed under the Uniform Guidance. In addition, for new grants beginning July 1, 2022 and after, the University was approved for an indirect cost rate of 35% for certain on-campus grants, and 17% for certain off-campus grants.