Audit 295633

Title: Federal Student Loan Programs Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the Federal assistance activity of Regis College (the College) and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. De Minimis Rate Used: N Rate Explanation: The College has elected not to use the 10% de minimis cost rate for its Federal programs. The College’s students and their parents were awarded $34,994,307, of Federally guaranteed loans under the Federal Direct Student Loan Program for the year ended June 30, 2023. The College is responsible for only the performance of certain administrative duties with respect to these programs, and funds for these programs are not included in the College’s financial statements. The College also administers a Federal Perkins Loan Program, the balances relating to which are included in the College’s financial statements. As of June 30, 2023, the College had been advanced $1,266,794 of Federal funds for this program. The College also administers a Federal Nurse Faculty Loan Program (NFLP), the balances relating to which are included in the College's financial statements. The College’s students and their parents were awarded $1,059,095 from the NFLP for the year ended June 30, 2023. The College also administers a Nursing Student Loans, the balances relating to which are included in the College’s financial statements. As of June 30, 2023, the College had been advanced $990,000 of Federal funds for this program.