Audit 379326

The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activities of The Art Institute of Chicago (the Institute) under programs of the federal government for the year ended June 30, 2025. 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 (the Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Institute, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Institute. The U.S. Department of Education has been designated as the Institute’s oversight agency for the Single Audit. The Schedule includes programs related to these following federal agencies: U.S. Department of Education  Student Financial Assistance Cluster National Endowment for the Arts  Promotion of the Arts Grants to Organizations and Individuals National Endowment for the Humanities  Promotion of the Humanities Public Programs U.S. Department of Health and Human Services  Substance Abuse and Mental Health Services Projects of Regional and National Significance Corporation for National and Community Service  Program Development and Innovation Grants

Basis of Accounting The Schedule includes all federal grants to the Institute which had activity during the year ended June 30, 2025. This Schedule has been prepared on the accrual basis of accounting. De Minimis Indirect Cost Rate The Institute has a federally approved indirect cost rate. Therefore, the 10% de minimis indirect cost rate as allowed under the Uniform Guidance is not applicable for fiscal year 2025. The Institute did not charge any indirect costs to any of its federal programs for the year ended June 30, 2025.

The federal student loan programs are administered directly by the Institute, and balances and transactions relating to these programs are included in the Institute’s basic financial statements. Loans outstanding at the beginning of the year, which amounted to $364,253, are included in the federal expenditures presented in the Schedule, in accordance with the Uniform Guidance. There were no additional loans made in fiscal year 2025. The balance of loans outstanding at June 30, 2025, consists of $2,409 for the Federal Perkins Loan Program, Federal Assistance Listing #84.038.

Subsequent events have been evaluated through December 22, 2025, which is the date the Schedule was available for issuance.