Audit 299506

Title: Significant Accounting Policies Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant, contract, and cooperative agreement activity of Cornell University (the “University”) and is presented on the accrual basis of accounting. De Minimis Rate Used: N Rate Explanation: The University applies its predetermined approved facilities and administrative rate (F&A) 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 accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant, contract, and cooperative agreement activity of Cornell University (the “University”) and is presented on the accrual basis of accounting. Negative amounts represent current year adjustments of amounts reported in prior years. Assistance listing number and pass-through entity numbers are included when available. The information in the Schedule is presented in accordance with the requirements of Title Part 200 of the Code of Federal Regulations (“Uniform Guidance”). Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the consolidated financial statements.

Title: Facilities and Administrative Costs Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant, contract, and cooperative agreement activity of Cornell University (the “University”) and is presented on the accrual basis of accounting. De Minimis Rate Used: N Rate Explanation: The University applies its predetermined approved facilities and administrative rate (F&A) 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 applies its predetermined approved facilities and administrative rate (F&A) 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. Ithaca Campus: F&A cost rates for the Ithaca campus have been finalized through fiscal year 2026 as predetermined rates pursuant to the Department of Health and Human Services (DHHS) rate agreement dated June 30, 2022. Provisional rates have been established for fiscal year 2027 and beyond. Weill Cornell Medicine: F&A cost rates for Weill Cornell Medicine (WCM) have been finalized through fiscal year 2021 as predetermined rates pursuant to the DHHS rate agreement dated October 28, 2022. Provisional rates have been established for fiscal year 2022 and beyond

Title: Student Loan Programs Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant, contract, and cooperative agreement activity of Cornell University (the “University”) and is presented on the accrual basis of accounting. De Minimis Rate Used: N Rate Explanation: The University applies its predetermined approved facilities and administrative rate (F&A) 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 following federal student loan programs are administered directly by the University and balances and transactions relating to these programs are included in the University’s consolidated financial statements. Included within the Schedule are the loan beginning balances, new loans and administrative cost allowance from the Perkins Loan Program and Health Professions Student Loans. Included below are the loan balances at June 30, 2023. Assistance Listing Amount Number Outstanding Federal Perkins Loan Program 84.038 $ 7,791,907 Health Professions Student Loan Program, including Primary Care Loans and Loans for Disadvantaged Students 93.342 3,603,895 Grand Total $ 11,395,802