Audit 333533

Title: Federal Perkins Loan Program Liquidation Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Ursinus College (College) under programs of the federal government for the year ended June 30, 2024. 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 the College, it is not intended to and does not present the financial position, changes in net assets or cash flows of the College. Expenditures reported in 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 limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The College has elected not to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance. The College has negotiated facility and administrative rates for federal contracts and grants. The rate was 43% for on-campus and 20% for off-campus during the year ended June 30, 2024. The Federal Perkins Loan Program is administered by the College and balances and transactions relating to the program are included in the College’s financial statements. Loans outstanding at the beginning of the year are included in the federal expenditures presented in the Schedule. In 2024, the College elected to cease participation in the Perkins Loan Program. The 2024 Single Audit included testing of the Federal Perkins Loan liquidation compliance requirements and the College properly performed end-of-participation procedures in accordance with the Uniform Guidance.