Audit 346784

Title: Loans Outstanding Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards has been prepared on the accrual basis of accounting, includes the federal grant expenditures of Albany Law School of Union University (the “School”), and 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”). De Minimis Rate Used: N Rate Explanation: The School has elected no to use the 10-percent de minimis indirect cost rate Under Uniform Guidance. The School is responsible only for the performance of certain ongoing administrative duties with respect to the Federal Direct Loan Program (Assistance Listing # 84.268). Accordingly, the outstanding loan balances under this program are not included in the School’s basic financial statements. It is not practical to determine the balance of loans outstanding to students of the School under this program at June 30, 2024. The School administers and accounts for all aspects of the Federal Perkins Loan Program (Assistance Listing # 84.038). Accordingly, the School’s financial statements include all activity related to this program. Loan activities and balances consist of the following: See Notes to SEFA for chart/table.