Audit 349919

Title: Note 2 - Student Loan Programs Accounting Policies: The accompanying schedule of expenditures of federal awards presents the federal grant expenditures of the University of Mount Saint Vincent (the “University”) for the year ended June 30, 2024. The information included on this schedule has been prepared on the accrual basis of accounting and is presented in accordance with the provisions of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirement for Federal Awards (“Uniform Guidance”). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. De Minimis Rate Used: N Rate Explanation: The University has elected not to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance. During the year ended June 30, 2024, the University processed $25,682,136 of new loans under the Federal Direct Student Loan Program (“Direct Loan Program”). The University is responsible only for the performance of certain administrative duties with respect to the Direct Loan Program and, accordingly, the value of these loans is not reflected in the University’s basic financial statements. As such, it is not practical to determine the balance of loans outstanding to students of the University under this program as of June 30, 2024. The federal student loan programs listed below are administered directly by the University, and balances and transactions relating to these programs are included in the University’s financial statements. Loan activities and balances consist of the following: Perkins Loan Program: Federal Assistance Listing Number: 84.038 Balance as of July 1, 2023: $414,108 Loans Issued: $- Payments Received: $(2,936) Change in Allowance: $(192,180) Balance of June 30, 2024: $218,992 Nursing Student Loans: Federal Assistance Listing Number: 93.364 Balance as of July 1, 2023: $158,943 Loans Issued: $- Payments Received: $- Change in Allowance: $(158,943) Balance of June 30, 2024: $-