Audit 344167

Title: Note 2 Federal Loan Program Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awards activity of Le Moyne College (the College) under programs of the federal government for the year ended May 31, 2024. The information in the 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 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. De Minimis Rate Used: N Rate Explanation: The College has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. The federal loan program listed subsequently is administered by the College and balances and transactions relating to this program are included in the College’s basic financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at May 31, 2024 consisted of: ALN 84.038 Federal Perkins Loan Program $838,426; ALN 93.408 Nurse Faculty Loan Program - ARRRA $83,558; ALN 93.264 Nurse Faculty Loan Program - Non-ARRA $55,357.

Title: Note 3 Subrecipients Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awards activity of Le Moyne College (the College) under programs of the federal government for the year ended May 31, 2024. The information in the 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 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. De Minimis Rate Used: N Rate Explanation: The College has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. There were no subrecipients for the year ended May 31, 2024.