Audit 53814

Title: Loan/loan guarantee outstanding balances Accounting Policies: The accompanying Schedules of Expenditures of Federal and State Awards (the schedules) include the federal grant and state grant activity of Lakeland University and Affiliates (the University). The information in these schedules are 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) and the Wisconsin State Single Audit Guidelines. Because these Schedules present only a selected portion of the operations of the University, it is not intended and does not present the financial position, changes in net assets or cash flows of the University. Expenditures reported on the schedules are reported on the accrual basis of accounting. Such expenditures are recognized following the Cost Principles contained in the Uniform Guidance and the Wisconsin State Single Audit Guidelines, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. PERKINS LOAN PROGRAM (84.038) - Balances outstanding at the end of the audit period were 16352.