Title: Loan Programs
Accounting Policies: 1.Basis of PresentationThe accompanying Schedule of Expenditures of Federal Awards (the Schedule) summarizes the expenditures of the University of Rochester and its related entities (the University) under programs of the federal government for the year ended June 30, 2022. The information in the Schedule is presented on the accrual basis of accounting, which is 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). Because the Schedule presents only the federal award activity of the University, it is not intended to and does not present the financial position, changes in net assets and cash flows of the University.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 sub-awards to the University by nonfederal organizations pursuant to federal grants, contracts and similar agreements. Negative numbers in the Schedule represent adjustments to amounts reported in prior years in the normal course of business. Assistance Listing numbers and pass-through numbers are provided when available.
De Minimis Rate Used: N
Rate Explanation: The University had predetermined facilities and administrative cost rates for the year ended June 30, 2022 under a rate agreement with the Department of Health and Human Services, the Universitys federal cognizant agency. The base rate for on-campus research was 54.0% for fiscal 2022. The base rate for off-campus research was 27.0% for fiscal 2022. The University does not utilize the 10% de minimis cost rate described in section 200.414 of Uniform Guidance.
The Federal Perkins Loan Program and the Federal Nursing Student Loan Program are administered directly by the University and balances and transactions relating to these programs are included in the Universitys consolidated financial statements. The amount of Federal Perkins loans and Federal Nursing Student loans outstanding at June 30, 2022 totaled $5,377,526 and $759,429, respectively. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule.
Title: CARES Act Provider Relief Funds
Accounting Policies: 1.Basis of PresentationThe accompanying Schedule of Expenditures of Federal Awards (the Schedule) summarizes the expenditures of the University of Rochester and its related entities (the University) under programs of the federal government for the year ended June 30, 2022. The information in the Schedule is presented on the accrual basis of accounting, which is 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). Because the Schedule presents only the federal award activity of the University, it is not intended to and does not present the financial position, changes in net assets and cash flows of the University.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 sub-awards to the University by nonfederal organizations pursuant to federal grants, contracts and similar agreements. Negative numbers in the Schedule represent adjustments to amounts reported in prior years in the normal course of business. Assistance Listing numbers and pass-through numbers are provided when available.
De Minimis Rate Used: N
Rate Explanation: The University had predetermined facilities and administrative cost rates for the year ended June 30, 2022 under a rate agreement with the Department of Health and Human Services, the Universitys federal cognizant agency. The base rate for on-campus research was 54.0% for fiscal 2022. The base rate for off-campus research was 27.0% for fiscal 2022. The University does not utilize the 10% de minimis cost rate described in section 200.414 of Uniform Guidance.
The Schedule includes grant activity related to the Department of Health and Human Services ("HHS") Provider Relief Fund and American Rescue Plan (ARP) Distribution Assistance Listing Number 93.498. As required based on guidance in the 2022 OMB Compliance Supplement, the Schedule includes all Period 2 funds received between July 1, 2020 and December 31, 2020 and expended by December 31, 2021 and Period 3 funds received between January 1, 2021 to June 30, 2021 and expended by June 30, 2022 as reported to HRSA via the Provider Relief Funding Reporting Portal. The Schedule thus includes $121,005,686 of reportable Provider Relief Payments which includes $19,185,954 of direct expenditures and $101,819,732 in lost revenue. Given the timing covered by Periods 2 and 3, certain expenses were reflected in the University's fiscal year 2021 financial statements. Additionally, lost revenue does not represent an expenditure in the Universitys financial statements and thus is a reconciling item between the federal expenses in the University's financial statements and the amount included on the Schedule.