Audit 338660

Title: PERKINS LOANS Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Notre Dame De Namur University (the "University") 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 University, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the University. 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 limited as to reimbursement. Passthrough entity identifying numbers are presented where available and applicable. De Minimis Rate Used: N Rate Explanation: Although the U.S. Department of Education provides an Administrative Cost Allowance as a component of the Student Financial Aid programs, there is no indirect cost rate allowed as part of these programs or any other programs listed on the accompanying Schedule of Expenditures of Federal Awards. The Department of Education ended the Perkins Loan Program on June 30, 2017, with final disbursements permitted through June 30, 2018. As such, no new Perkins Loans have been made during the year ending June 30, 2024. The amount reported on the Schedule represents the outstanding balance at the beginning of the year for loans issued prior to June 30, 2018. The outstanding balance on the Perkins Loans was $172,797 at June 30, 2024.