Audit 327903

Title: Note 2 - Non-Cash Assistance Accounting Policies: Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards (Schedule) has been prepared 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). The purpose of the Schedule is to present a summary of the activities of Albany College of Pharmacy and Health Sciences (College) funded by the federal government or pass-through entities for the year ended June 30, 2024, using the accrual basis of accounting. The College is described in Note 1 to the financial statements. For purposes of the Schedule, federal awards could include any assistance provided by a federal agency directly or indirectly in the form of grants, contracts, cooperative agreements, loans and local governments, and other noncash assistance. Negative amounts on the Schedule, if any, represent adjustments made to prior year expenditures in the normal course of business. Relationship to Financial Statements Federal award revenues are reported in the College’s financial statements as grants. The College’s financial statements are presented using the accrual basis. The Schedule presents only a selected portion of activities of the College. It is not intended to, and does not present either the financial position, statement of activities, or changes in net assets of the College. Direct and Indirect Costs Expenditures for direct and indirect costs are recognized as incurred using the accrual method of accounting and in accordance with the cost principles contained in the Uniform Guidance. Under those cost principles, certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: For the year ended June 30, 2024, the College did not elect to use the 10% de minimis indirect cost rate. The College administers the Federal Perkins Loan Program, Health Professions Student Loan Program, and the Direct Loan Program (which includes Stafford loans, Unsubsidized Stafford loans, and Parent Plus loans for undergraduate students). The College does not have any continuing administrative or compliance responsibilities for the Direct Loan Program once the student completes the associated semester. The College administers the following federal loan programs: See the Notes to the SEFA for chart/table The Federal Expenditures figure on the Schedule of Expenditures of Federal Awards for each federal loan program is made up of the following: See the Notes to the SEFA for chart/table