Audit 302143

Title: Basis of Presentation Accounting Policies: The accompanying supplemental schedule of expenditures of federal awards and state projects and financial assistance programs and supplemental schedule of expenditures for Florida student financial assistance programs include the federal and state financial assistance project activity of Florida Memorial University, Inc. (the “University”) for the year ended June 30, 2022 and are presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and the requirements described in the Department of Financial Services’ State Projects Compliance Supplement. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements for the University. The state financial assistance projects are financed by the State of Florida Department of Education, and the administration of each project is the responsibility of the Florida Department of Education’s Office of Student Financial Assistance and the University. De Minimis Rate Used: N Rate Explanation: The University does not use the 10% de minimis cost rate. The accompanying supplemental schedule of expenditures of federal awards and state projects and financial assistance programs and supplemental schedule of expenditures for Florida student financial assistance programs include the federal and state financial assistance project activity of Florida Memorial University, Inc. (the “University”) for the year ended June 30, 2022 and are presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and the requirements described in the Department of Financial Services’ State Projects Compliance Supplement. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements for the University. The state financial assistance projects are financed by the State of Florida Department of Education, and the administration of each project is the responsibility of the Florida Department of Education’s Office of Student Financial Assistance and the University.