Audit 348751

Title: Significant Accounting Policies Accounting Policies: The Schedule of Expenditures of Federal Awards is a statement, prepared on the accrual basis of accounting, of Federal expenditures related to the current reporting period. It does not purport to present the results of operations or the net income or loss for the period as would a statement of activities or a statement of revenues and expenditures. Federal expenditures for direct and indirect costs are recognized using the cost principles contained in 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Under these cost principles, certain types of expenditures are not allowable or are limited as to reimbursement. Facilities and Administrative Rates Expenditures include a portion of costs associated with general University activities (facilities and administrative) which are allocated to federal awards under negotiated formulas commonly referred to as facilities and administrative rates. The University applies its predetermined approved facilities and administrative rate when charging indirect costs to federal awards rather than the 10% de minimis cost rate as described in Section 200.414 of the Uniform Guidance. Full Federal Assistance Listing numbers and pass-through numbers are included when available. De Minimis Rate Used: N Rate Explanation: Expensitures include a portion of costs associated with general University activities (Facilities and administrative) which are allocated to federal awards under negotiated formulas commonly referred to as facilities and administrative rates. The University applies its predetermined approved facilities and administrative rate when charging indirect costs to federal awards rather than the 10% de minimis cost rarte as describes in Section 200.414 of the Uniform Guidance. Basis of Presentation The Schedule of Expenditures of Federal Awards is a statement, prepared on the accrual basis of accounting, of Federal expenditures related to the current reporting period. It does not purport to present the results of operations or the net income or loss for the period as would a statement of activities or a statement of revenues and expenditures. Federal expenditures for direct and indirect costs are recognized using the cost principles contained in 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Under these cost principles, certain types of expenditures are not allowable or are limited as to reimbursement. Facilities and Administrative Rates Expenditures include a portion of costs associated with general University activities (facilities and administrative) which are allocated to federal awards under negotiated formulas commonly referred to as facilities and administrative rates. The University applies its predetermined approved facilities and administrative rate when charging indirect costs to federal awards rather than the 10% de minimis cost rate as described in Section 200.414 of the Uniform Guidance. Full Federal Assistance Listing numbers and pass-through numbers are included when available.

Title: Student Loan Programs Accounting Policies: The Schedule of Expenditures of Federal Awards is a statement, prepared on the accrual basis of accounting, of Federal expenditures related to the current reporting period. It does not purport to present the results of operations or the net income or loss for the period as would a statement of activities or a statement of revenues and expenditures. Federal expenditures for direct and indirect costs are recognized using the cost principles contained in 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Under these cost principles, certain types of expenditures are not allowable or are limited as to reimbursement. Facilities and Administrative Rates Expenditures include a portion of costs associated with general University activities (facilities and administrative) which are allocated to federal awards under negotiated formulas commonly referred to as facilities and administrative rates. The University applies its predetermined approved facilities and administrative rate when charging indirect costs to federal awards rather than the 10% de minimis cost rate as described in Section 200.414 of the Uniform Guidance. Full Federal Assistance Listing numbers and pass-through numbers are included when available. De Minimis Rate Used: N Rate Explanation: Expensitures include a portion of costs associated with general University activities (Facilities and administrative) which are allocated to federal awards under negotiated formulas commonly referred to as facilities and administrative rates. The University applies its predetermined approved facilities and administrative rate when charging indirect costs to federal awards rather than the 10% de minimis cost rarte as describes in Section 200.414 of the Uniform Guidance. The following schedule presents outstanding loan balances for federal student loan programs and federally guaranteed loan programs. These programs are administered directly by the University and balances and transactions relating to these programs are included in the University’s consolidated financial statements. Loans outstanding at the beginning of the year, loans made during the year, and the administrative cost allowance (if applicable) are included in the federal expenditures presented in the Schedule of Expenditures of Federal Awards. The principal balance of loans outstanding at June 30, 2024 consists of: Federal Assistance Listing Numbers Year End Loan Balance Perkins 84.038 $ 2,683,465 Health Professions Student Loans (HPSL) 93.342 3,158 Nursing Student Loan (NSL) 93.364 1,475,082 Loans for Disadvantaged Students (LDS) 93.342 864,812 $ 5,026,517

Title: Department of Health and Human Services (HHS) Coronavirus Aid Relief and Economic Security (CARES) Act Accounting Policies: The Schedule of Expenditures of Federal Awards is a statement, prepared on the accrual basis of accounting, of Federal expenditures related to the current reporting period. It does not purport to present the results of operations or the net income or loss for the period as would a statement of activities or a statement of revenues and expenditures. Federal expenditures for direct and indirect costs are recognized using the cost principles contained in 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Under these cost principles, certain types of expenditures are not allowable or are limited as to reimbursement. Facilities and Administrative Rates Expenditures include a portion of costs associated with general University activities (facilities and administrative) which are allocated to federal awards under negotiated formulas commonly referred to as facilities and administrative rates. The University applies its predetermined approved facilities and administrative rate when charging indirect costs to federal awards rather than the 10% de minimis cost rate as described in Section 200.414 of the Uniform Guidance. Full Federal Assistance Listing numbers and pass-through numbers are included when available. De Minimis Rate Used: N Rate Explanation: Expensitures include a portion of costs associated with general University activities (Facilities and administrative) which are allocated to federal awards under negotiated formulas commonly referred to as facilities and administrative rates. The University applies its predetermined approved facilities and administrative rate when charging indirect costs to federal awards rather than the 10% de minimis cost rarte as describes in Section 200.414 of the Uniform Guidance. The Schedule includes grant activity related to the Department of Health and Human Services (HHS) Coronavirus Aid Relief and Economic Security (CARES) Act Assistance Listing Number 93.498. As required based on guidance in the 2024 OMB Compliance Supplement, the Schedule includes all Period 6 funds received between July 1, 2022 and December 31, 2022 and expended by December 31, 2022 as reported to the Health Resources and Services Administration (HRSA) Agency via the Provider Relief Fund Reporting Portal. The Schedule includes $7,276,950 of lost revenue