Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards and the schedule of expenditures of state awards (the Schedules) presents a summary of the financial activities of Baylor College of Medicine (the College) for the year ended June 30, 2022, which have been funded by the federal and state governments. The information in the Schedules is presented in accordance with the requirements of the 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 State of Texas Single Audit Circular. Because the Schedules presents only federal and state expenditure activities of the College, they are not intended to and do not present the financial position, changes in net assets, or cash flows of the College as a whole.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
FEDERAL PERKINS LOAN PROGRAM FEDERAL CAPITAL CONTRIBUTIONS (84.038) - Balances outstanding at the end of the audit period were 1,010,256. HEALTH PROFESSIONS STUDENT LOANS, INCLUDING PRIMARY CARE LOANS/LOANS FOR DISADVANTAGED STUDENTS (93.342) - Balances outstanding at the end of the audit period were 201,198.
Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards and the schedule of expenditures of state awards (the Schedules) presents a summary of the financial activities of Baylor College of Medicine (the College) for the year ended June 30, 2022, which have been funded by the federal and state governments. The information in the Schedules is presented in accordance with the requirements of the 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 State of Texas Single Audit Circular. Because the Schedules presents only federal and state expenditure activities of the College, they are not intended to and do not present the financial position, changes in net assets, or cash flows of the College as a whole.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Schedules has been prepared on a modified accrual basis of accounting and includes all expenditures of federal and state awards, direct and pass-through, received by the College from federal and state grantor agencies. Direct costs are charged to sponsored agreements on a cash basis except for salaries and fringe benefits that are charged on an accrual basis. Indirect costs are expensed against sponsored agreements at the close of the month in which the direct costs are charged and, therefore, are a combination of modified accrual and cash basis accounting. Federal and state awards are deemed to be expended when the College incurs the expenses. Such expenditures are recognized following the cost principles contained in Uniform Guidance or the State of Texas, Texas Grant Management Standards (TxGMS), as applicable, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Federal and state direct programs and pass-through programs are presented by federal or state department and, where applicable, the funding agency within the department and the pass-through entity.The College did not elect to use 10-percent de minimis indirect costs rate as allowed under the Uniform Guidance.
Title: Federal Direct Student Loans Program
Accounting Policies: The accompanying schedule of expenditures of federal awards and the schedule of expenditures of state awards (the Schedules) presents a summary of the financial activities of Baylor College of Medicine (the College) for the year ended June 30, 2022, which have been funded by the federal and state governments. The information in the Schedules is presented in accordance with the requirements of the 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 State of Texas Single Audit Circular. Because the Schedules presents only federal and state expenditure activities of the College, they are not intended to and do not present the financial position, changes in net assets, or cash flows of the College as a whole.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The College participated in the Federal Direct Student Loans Program (CFDA 84.268), including Unsubsidized Stafford Loans and PLUS Loans. The College was not the recipient of the funds. The programs are considered as a component of the student financial assistance cluster. Loan disbursements under the programs for the year ended June 30, 2022, totaled $19,468,786.
Title: COVID-19 Provider Relief Fund (Assistance Listing No. 93.498)
Accounting Policies: The accompanying schedule of expenditures of federal awards and the schedule of expenditures of state awards (the Schedules) presents a summary of the financial activities of Baylor College of Medicine (the College) for the year ended June 30, 2022, which have been funded by the federal and state governments. The information in the Schedules is presented in accordance with the requirements of the 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 State of Texas Single Audit Circular. Because the Schedules presents only federal and state expenditure activities of the College, they are not intended to and do not present the financial position, changes in net assets, or cash flows of the College as a whole.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Schedule includes $21,975,985 received from the U.S. Department of Health and Human Services (HHS) between July 1, 2020 and December 31, 2020, under the Provider Relief Fund (PRF) program of Assistance Listing No. 93.498. In accordance with guidance from HHS, these amounts are presented as Period 2 in the HHS PRF Reporting Portal. Such amounts were recognized as other revenue on Baylor College of Medicines consolidated statements of activities for the years ended June 30, 2022 and 2021. Due to the PRF Reporting Portal requirements, this amount is not the total PRF received and/or recognized by the College as other revenue in the consolidated financial statements for the year ended June 30, 2022. The amount presented on the Schedule for PRF is for the fiscal year ended June 30, 2022. The amount presented reconciles to the PRF information reported to HHS, see table in the report: