Audit 44170

Accounting Policies: Basis of presentationThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Universidad Adventista de las Antillas, Inc. under programs of the federal government for the year ended June 30, 2022. 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 Universidad Adventista de las Antillas, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Universidad Adventista de las Antillas, Inc.2. Summary of significant accounting policiesExpenditures reported on the Schedule are reported 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 are limited to reimbursement.3. Federal Loan Program The value of loans processed by the University for eligible students under the federal loan program for the year ended June 30, 2022 amounted to $1,849,806 as presented in the schedule of federal expenditures.4. Indirect costs The University does not have a federally negotiated indirect cost rate applicable to the programs. The University does not use the 10 percent de minims indirect cost rate provided for in the Uniform Guidance. 5. Assistance Listing Number (ALN) The ALN included in this schedule are determined based on the program name, review of grant contract information and the U.S. Office of Management and Budgets Federal Assistance Listing.6. Student financial aid Program clusterFor the year ended June 30, 2022 the University received and disbursed $4,272,046 in Title IV Funds of Higher Education Act of 1965 (SFA Cluster Programs); and $1,849,806 in Federal Direct Students Loans in which the University acts as agent for the recipient. The Uniform Guidance defines a cluster of programs as a grouping of closely related programs that share common compliance requirements. According to this definition, the Student Financial Assistance programs were deemed to be a cluster of programs and were tested accordingly. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.