Audit 334121

Title: Basis of Presentation Accounting Policies: Expenditures for the Federal Work Study program are recognized as incurred and include Federal Work Study program earnings, and administrative cost allowances, where applicable. The Seminary also makes loans to certain eligible students under Federal student loan programs; however, only the current loan disbursements under the Federal Direct Student Loans program are included in the Schedule of Expenditures of Federal Awards, as the related outstanding loan balances are not included as current federal expenditures, as set forth by the Uniform Guidance. The Seminary does not receive indirect cost rate allocations. The Seminary did not pass through any funds to subrecipients for the year ended June 30, 2024. De Minimis Rate Used: N Rate Explanation: The Seminary has elected not to use the 10 percent de minimus indirect cost rate allowed by the Uniform Guidance. The accompanying Schedule of Expenditures of Federal Awards (Schedule) reflects the expenditures of United Theological Seminary (the Seminary) under programs of the Federal government for the year ended June 30, 2024. Because the Schedule presents only a selected portion of the operations of the Seminary, it is not intended to, and does not, present the financial position, changes in net assets and cash flows of the Seminary 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).

Title: Matching Funds Accounting Policies: Expenditures for the Federal Work Study program are recognized as incurred and include Federal Work Study program earnings, and administrative cost allowances, where applicable. The Seminary also makes loans to certain eligible students under Federal student loan programs; however, only the current loan disbursements under the Federal Direct Student Loans program are included in the Schedule of Expenditures of Federal Awards, as the related outstanding loan balances are not included as current federal expenditures, as set forth by the Uniform Guidance. The Seminary does not receive indirect cost rate allocations. The Seminary did not pass through any funds to subrecipients for the year ended June 30, 2024. De Minimis Rate Used: N Rate Explanation: The Seminary has elected not to use the 10 percent de minimus indirect cost rate allowed by the Uniform Guidance. The Federal Work Study program requires the Seminary to contribute non-federal funds (matching funds) to support the program. The Seminary has complied with the matching requirements. The expenditure of non-federal (matching) funds is not included on the Schedule of Expenditures of Federal Awards.