Audit 325838

Title: Note 2 Loan Programs Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal awards activity of Concordia University Chicago (the University) presented on the accrual basis of accounting for the year ended June 30, 2024, and 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic consolidated financial statements. De Minimis Rate Used: N Rate Explanation: The University did not elect to use the 10% de minimums indirect cost rate. The University had $0 loan balances outstanding at June 30, 2024. As of June 30, 2023, the University had loans outstanding under the Federal Perkins Loans Program totaling $77,969. During the year ended June 30, 2024, the University awarded new loans to students totaling $0 and recorded an administrative cost allowance of $0. During the year ended June 30, 2024, students were awarded $32,773,407 of federally guaranteed loans under the Federal Direct Student Loans program. The University is responsible only for the performance of certain administrative duties with respect to the federally guaranteed direct student loan programs and, accordingly, balances and transactions relating to the Federal Direct Student Loan program are not included in the University’s basic consolidated financial statements. Therefore, it is not practical to determine the balances of the loans outstanding to students and former students of the University at June 30, 2024.

Title: Note 3 Other Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal awards activity of Concordia University Chicago (the University) presented on the accrual basis of accounting for the year ended June 30, 2024, and 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic consolidated financial statements. De Minimis Rate Used: N Rate Explanation: The University did not elect to use the 10% de minimums indirect cost rate. The University did not receive any noncash federal awards, nor receive any federal insurance and did not provide funds to any sub-recipients.