Audit 40859

Title: Loan/loan guarantee outstanding balances Accounting Policies: 1. Summary of Significant Accounting Policies: Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal award programs administered by St. Bonaventure University (the University), an entity as defined in Note 1 to the University's financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other entities, are included on the Schedule. Basis of Accounting: The University uses the accrual basis of accounting for federal programs consistent with the financial statements. The amounts reported as federal expenditures generally were obtained from the appropriate financial reports for the applicable programs and periods. The amounts reported in these financial reports are prepared from records maintained for each program, which are periodically reconciled to the University's financial reporting system. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. FEDERAL PERKINS LOAN PROGRAM (84.038) - Balances outstanding at the end of the audit period were 1439956.