Audit 325495

Title: Federal Loan Programs Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Cornerstone University under programs of the federal government for the year ended May 31, 2024. The accompanying notes are an integral part of this Schedule. 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 Cornerstone University, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Cornerstone University. 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 De Minimis Rate Used: N Rate Explanation: Cornerstone University has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. The federal loan programs listed subsequently are administered directly by Cornerstone University, and balances and transactions relating to these programs are included in Cornerstone University’s consolidated financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of the Federal Perkins Loan Program as of 5.31.24 was $206,514.

Title: Subrecipients Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Cornerstone University under programs of the federal government for the year ended May 31, 2024. The accompanying notes are an integral part of this Schedule. 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 Cornerstone University, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Cornerstone University. 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 De Minimis Rate Used: N Rate Explanation: Cornerstone University has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. Of the federal expenditures presented in this Schedule, Cornerstone University provided no federal awards to subrecipients.