Audit 33653

Title: NOTE 3 - LOANS Accounting Policies: NOTE 1 - BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Rosalind Franklin University of Medicine and Science (the University) under programs of the federal government for the year ended June 30, 2022. 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 University, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the University. De Minimis Rate Used: N Rate Explanation: NOTE 2 - BASIS OF ACCOUNTING Expenditures reported on 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 are limited as to reimbursement. The University has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. The outstanding balance of the Federal Perkins and Health Professions Student Loans for which the government imposes continuing compliance requirements is $2,544,511 for the year ended June 30, 2022.The amount presented for Federal Perkins Loans represents loans balances outstanding of $2,028,943 at July 1, 2021.The amount presented for Health Professions Loans represents loans balances outstanding of $1,061,703 at July 1, 2021, and current year advances of $102,944.Loans made by the University to eligible students under the Federal Direct Program totaled $94,712,495 for the year ended June 30, 2022. Total PLUS and unsubsidized awards totaled $42,356,410 and $52,356,085 respectively, for the year ended June 30, 2022.