Audit 2984

Title: NOTE 1 – PURPOSE OF SCHEDULES Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes federal award activity of Thomas Jefferson School of Law (School) 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 Thomas Jefferson School of Law, it is not intended to and does not present the financial position, changes in net assets or cash flows of Thomas Jefferson School of Law. De Minimis Rate Used: N Rate Explanation: The School has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. Schedule of Expenditure of Federal Awards: The accompanying schedule of expenditures of federal awards (the Schedule) includes federal award activity of Thomas Jefferson School of Law (School) 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 Thomas Jefferson School of Law, it is not intended to and does not present the financial position, changes in net assets or cash flows of Thomas Jefferson School of Law. Expenditures reported on the Schedule are reported on the 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. The School has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. There were no Federal Perkins loans issued during the year as the program is closed. Federal Perkins loans outstanding as of June 30, 2023 were $145,004. The Federal Perkins Loan Program includes no current year federal capital contribution and no School match. During the fiscal year ended June 30, 2023, the School issued new loans to students under the Federal Direct Student Loan Program (FDLP). The loan program includes unsubsidized Stafford Loans and PLUS Loans for graduate students. The value of loans issued for the FDLP is based on disbursed amounts. The loan amounts issued during the year are disclosed on the Schedule. The School is responsible only for the performance of certain administrative duties with respect to the federally guaranteed student loan programs and, accordingly, balances and transactions relating to these loan programs are not included in the School’s financial statements. Therefore, it is not practicable to determine the balance of loans outstanding to students and former students of the School at June 30, 2023.