Audit 32752

Title: Loan/loan guarantee outstanding balances Accounting Policies: Basis of Presentation - The accompanying Schedule of Expenditures of Federal Awards (the Schedule) summarizes the expenditures of the Pennsylvania College of Health Sciences (the College) under programs of the federal government for the year ended June 30, 2022. The information presented in the Schedule is presented on the accrual basis of accounting, which is in accordance with the 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 the federal award activity of the College, it is not intended to and does not present the financial position, changes in net assets and cash flows of the College. The 10% de minims cost rate as described in Section 200.414 of the Uniform Guidance is not applicable as our only federal program is student financial aid. For purposes of the Schedule, federal awards include all grants, contracts and similar agreements entered into directly between the College and agencies and departments of the federal government and all sub-awards to the College by non-federal organizations pursuant to federal grants, contracts and similar agreements. The College does not pass through any funding to sub-recipients. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. The 10% de minimis cost rate as described in Section 200.414 of the Uniform Guidance is not applicable as our only federal program is student financial aid. FEDERAL DIRECT STUDENT LOANS (84.268) - Balances outstanding at the end of the audit period were 8538211.