Audit 22915

Title: Federal Loan Programs Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) summarizes the expenditures of Harvard University (the University) under programs of the federal government for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements of the University. Negative amounts represent adjustments or credits to amounts reported as expenditures in prior years in the normal course of business. Assistance Listing Numbers and pass-through numbers are provided when available. For purposes of the Schedule, Federal awards include all grants, contracts and similar agreements entered into directly between the University and agencies and departments of the Federal government and all subawards to the University by nonfederal or organizations pursuant to Federal grants, contracts and similar agreements. Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, as applicable, wherein certain types of expenditures are not allowable or are limited to reimbursement. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. The University applies its predetermined approved facilities and administrative rate when charging indirect costs to federal awards rather than the 10% de minimis cost rate as described in Section 200.414 of the Uniform Guidance. The University recovers facilities and administrative costs associated with sponsored agreements pursuant to separate arrangements negotiated with the University's Federal cognizant agency by each of the Medical School, School of Public Health, and the University Area. Predetermined federal indirect cost rates have been established for the University Area, the Medical School (including the School of Dental Medicine), and the T.H. Chan School of Public Health through fiscal year 2024. Federal Student Loan ProgramsThe Federal student loan programs listed below are administered directly by the University andbalances and transactions relating to these programs are included in the University's consolidatedfinancial statements. Loans outstanding at the beginning of the year, the administrative costallowance and loans made during the year are included in the federal expenditures presented inthe Schedule. The balance of loans outstanding at June 30, 2022 consist of:Assistance Listing #: AmountPerkins 84.038 $ 14,020,129HPSL/LDS/PCL 93.342 12,669,675Total Federal Student Loans $ 26,689,804 Loans made by the University to eligible students under the Federal student loan programs and Federally guaranteed loans issued to students during the year ended June 30, 2022 are summarized as follows:Assistance Listing #: AmountPerkins 84.038 $ -Net Direct Subsidized Stafford 84.268 1,342,924Net Direct Unsubsidized Stafford 84.268 63,048,944Net Direct PLUS 84.268 3,678,380Net Direct Grad PLUS 84.268 35,023,925HPSL/LDS/PCL 93.342 1,411,976Total $ 104,506,149