Audit 317251

Title: FEDERAL STUDENT LOAN PROGRAM Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Saint Mary-of-the-Woods College and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements. De Minimis Rate Used: Y Rate Explanation: The College has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. During the fiscal year ended June 30, 2023, students and their parents were awarded $6,971,747 of federally guaranteed loans under the Federal Direct Student Loan Program (programs include Stafford Loans, Parents’ Loans for Undergraduate Students, and Unsubsidized Stafford Loans). The College did not award any loans under the Perkins Loan Program and the outstanding balance of Perkins Loans at June 30, 2023 was $271,472 less an allowance of $100,344. The College 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 College’s basic financial statements. Therefore, it is not practicable to determine the balance of loans outstanding to students and former students of the College at June 30, 2023.

Title: OTHER INFORMATION Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Saint Mary-of-the-Woods College and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements. De Minimis Rate Used: Y Rate Explanation: The College has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. The College did not receive any federal insurance or federal noncash assistance and did not provide any amounts to sub-recipients.