Audit 359546

Accounting Policies: 1. The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of The College of Osteopathic Medicine, Inc. (College) under programs of the federal government for the year ended September 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. 2. Expenditures reported on the Schedule are reported on the accrual basis of accounting which is consistent with the preparation of the College's financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. 3. The College did not have any non-cash awards during the fiscal year. 4. The College disbursed $48,876,838 of loans under the Federal Direct Student Loans Program, which includes Unsubsidized Loans and Graduate PLUS Loans. With respect to the Federal Direct Student Loans Program, the College is only responsible for the performance of certain administrative duties; therefore, the College’s financial statements do not include any amounts relative to these loans and it is not practical to determine outstanding loan balance. 5. There were no awards passed through to subrecipients. 6. The Authority has elected to use the 10% de minimis indirect cost rate under the Uniform Guidance. De Minimis Rate Used: Y Rate Explanation: The auditee did use the de minimis cost rate.