Audit 351966

Title: 2. FEDERAL DIRECT STUDENT LOAN PROGRAM Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) presents the federal expenditures of St. Francis College (the “College”) for the year ended June 30, 2024, and is prepared on the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (“CFR”) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). Accordingly, some amounts presented in the Schedule may differ from amounts presented in, or used in, the preparation of the College’s fiscal 2024 financial statements. De Minimis Rate Used: N Rate Explanation: The College has elected to not use the 10% de minimus indirect cost rate as provided by §200.414 Indirect (“F&A”) Costs of the Uniform Guidance. In relation to the Federal Direct Student Loan Program, the College is responsible only for the performance of certain administrative duties; therefore, the program’s balance of loans outstanding and related transactions are not included in the College’s financial statements. It is not practicable to determine the balance of loans outstanding to students of the College under this program at June 30, 2024. The Schedule includes the amounts loaned to students during the year ended June 30, 2024 which totaled $5,768,862.

Title: 3. FEDERAL PERKINS LOANS PROGRAM Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) presents the federal expenditures of St. Francis College (the “College”) for the year ended June 30, 2024, and is prepared on the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (“CFR”) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). Accordingly, some amounts presented in the Schedule may differ from amounts presented in, or used in, the preparation of the College’s fiscal 2024 financial statements. De Minimis Rate Used: N Rate Explanation: The College has elected to not use the 10% de minimus indirect cost rate as provided by §200.414 Indirect (“F&A”) Costs of the Uniform Guidance. The federal student loan program listed below is administered directly by the College, and balances and transactions relating to this program are included in the College’s financial statements. Loan activities and balances consist of the following: Perkins Loan Program Federal Assistance Listing Number 84.038 Balance as of June 30, 2023 $209,010 Loans Issued $0 Payments Received $(50,947) Balance as of June 30, 2024 $158,063