Audit 7013

Title: Federal Direct Student Loans Program Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Ave Maria School of Law and Ave Maria School of Law Foundation (a Florida not-for-profit corporation) (the "Organization") under programs of the federal government for the year ended June 30, 2023. 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 Organization, it is not intended to and does not present the consolidated financial position, changes in net assets or cash flows of the Organization. Expenditures reported on the Schedule are reported on the accrual basis of accounting, which is described in Note 1 to the Organization’s consolidated financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance or other applicable guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: N/A The Organization participates under the Federal Direct Student Loans program. The Organization acts as the intermediary for students obtaining Federal Direct Student Loans (Assistance Listing No. 84.268) from the U.S. Department of Education (the “Department”). The Department is responsible for billings and collections of the loans. The Organization assists the Department by processing the applications and disbursing the funds from the Department to the students. Loans made during the year are included in the federal expenditures presented in the Schedule.