Audit 349572

Title: FEDERAL LOANS DISBURSED Accounting Policies: Basis of Presentation The accompanying schedule of expenditures of federal awards and state financial assistance (the Schedule) includes the federal and state award activity of Beacon College, Inc. and is presented on the accrual basis of accounting. 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); and Chapter 10.650, Rules of the Auditor General, therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. There were no noncash awards in the current year nor any sub-recipients of federal awards and state financial assistance in the current year. De Minimis Rate Used: N Rate Explanation: he College has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The College participates in the Federal Direct Loan Program, including Federal Stafford Loans (Stafford) and Federal PLUS Loans (PLUS). The dollar amounts are listed in the schedule of federal awards although the College is not the recipient of the funds. Such programs are considered a component of the student financial assistance cluster. Loans processed by the College under this loan program were the following for the year ended June 30, 2024: Stafford: Subsidized - $640,393 Unsubsidized - $685,987 PLUS - $2,908,600 TOTAL DIRECT LOANS: $4,234,970