Audit 353345

Title: MAJOR PROGRAM DESCRIPTIONS Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Menlo College (the "College") under programs of the federal government for the year ended June 30, 2024. The information in this 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). Because the Schedule presents only a selected portion of the operations of the College, it is not intended to and does not present the financial position, changes in net assets,or cash flows of the College. The Schedule is presented on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or limited as to reimbursement. De Minimis Rate Used: Y Rate Explanation: Consistent with 2 CFR 200.414(f), the College has elected to use a de minimus indirect cost rate of 10% as allowed under the Uniform Guidance. The College participates in the following programs within the Student Financial Aid Cluster: Federal Supplemental Education Opportunity Grant Program ("FSEOG") The FSEOG program provides grants to eligible undergraduate students. Priority is given to Pell recipients who have the lowest expected family contributions. The institution decides the amount of the grant, which can be up to $4,000 but not less than $100 for an academic year. The maximum amount may be increased to $4,400 for a student participating in a study abroad program that is approved for credit by the student's home institution. Federal funds are matched with institutional funds. Federal Direct Student Loans ("FDSL") The objective of the FDSL program is to provide loan capital directly from the Federal government to vocational, undergraduate, and graduate postsecondary school students and their parents. Federal Work-Study Program ("FWS") The FWS program provides part-time employment to students who need the earnings to help meet costs of postsecondary education. This program also authorizes the establishment of the Job Location and Development program, the purpose of which, when used, is to expand off-campus part-time or full-time employment opportunities for all students, regardless of their financial need, who are enrolled in eligible institutions and to encourage students to participate in community service activities. Federal Pell Grant Program ("Pell") The Pell program provides grants to eligible undergraduate students and for certain eligible postgraduate teacher certificate program students and is intended to provide a foundation of financial aid. The program is administered by the Department of Education and postsecondary educational institutions. Maximum and minimum Pell grant awards are established by statute. The Department of Education provides funds to the institution based on actual and estimated Pell expenditures.