Title: Student Loan Programs
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) is presented on the accrual basis of accounting. The purpose of this schedule is to present a summary of those activities of Tufts University and its subsidiaries (the University) for the year ended June 30, 2022 which have been financed by the United States government (federal awards). For purposes of this Schedule, federal awards include all federal assistance entered into directly between the University and the federal government and subawards from nonfederal organizations made under federally sponsored agreements. 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). Pass-through entity identification numbers and Assistance Listing numbers have been provided where available. Negative amounts reflect adjustments made to amounts reported in prior years in the normal course of business.
De Minimis Rate Used: N
Rate Explanation: 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 federal student loan programs listed below are administered directly by the University and balances and transactions relating to these programs are included in the Universitys consolidated financial statements. Loans made by the University to eligible students under federal student loan programs during the year ended June 30, 2022 are summarized as follows:TitleAssistanceAmount Issued Listing No.FY22Perkins84.038 $- Primary Care - Medical93.342 -LDS - Medical 93.342 165,000LDS - Dental 93.342 231,000HPSL - Dental 93.342 1,094,700 LDS - Veterinary93.342 22,500HPSL - Veterinary93.342 215,500 Total 93.342 1,728,700 Total Loans Issued$ 1,728,700The balance of loans outstanding at June 30, 2022 consists of:TitleAssistance Listing No.Amount Outstanding at June 30, 2022Perkins84.038 $ 3,582,142Primary Care - Medical93.342 793,783LDS - Medical 93.342 1,131,303 HPSL - Medical 93.342 8,290 LDS - Dental 93.342 773,761HPSL - Dental 93.342 6,359,354 LDS - Veterinary93.342 82,809 HPSL - Veterinary93.342 844,457Total 93.342 9,993,757 Total Loan Balances Outstanding $ 13,575,899The University participated in the School as Lender program (Assistance Listing # 84.032L) beginning in fiscal year 2004 until the program terminated on July 1, 2008. There were no new loans distributed to students in connection with this program during the year ended June 30, 2022. At June 30, 2022, the University held $1,373,420 in outstanding loans.
Title: Department of Health and Human Services - Provider Relief Funds
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) is presented on the accrual basis of accounting. The purpose of this schedule is to present a summary of those activities of Tufts University and its subsidiaries (the University) for the year ended June 30, 2022 which have been financed by the United States government (federal awards). For purposes of this Schedule, federal awards include all federal assistance entered into directly between the University and the federal government and subawards from nonfederal organizations made under federally sponsored agreements. 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). Pass-through entity identification numbers and Assistance Listing numbers have been provided where available. Negative amounts reflect adjustments made to amounts reported in prior years in the normal course of business.
De Minimis Rate Used: N
Rate Explanation: 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 was the recipient of funding under assistance listing number 93.498, Provider Relief Fund (PRF), and as required based on guidance in the 2022 OMB Compliance Supplement, the Schedule includes all Period 2 and 3 funds received between July 1, 2020 and June 30, 2021 and expended by June 30, 2022 as reported to the Department of Health and Human Services via the PRF Reporting Portal. The University only received Period 3 funds.The Schedule thus includes $2,773,825 of direct expenditures and $2,600,309 in lost revenue. Given the timing covered by the Period 3 funds, certain of these expenses were reflected in the University's financial statements for the year ended June 30, 2021. Additionally, lost revenue does not represent an expenditure in the University's 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.
Title: Department of Education - Higher Education Emergency Relief Funds
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) is presented on the accrual basis of accounting. The purpose of this schedule is to present a summary of those activities of Tufts University and its subsidiaries (the University) for the year ended June 30, 2022 which have been financed by the United States government (federal awards). For purposes of this Schedule, federal awards include all federal assistance entered into directly between the University and the federal government and subawards from nonfederal organizations made under federally sponsored agreements. 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). Pass-through entity identification numbers and Assistance Listing numbers have been provided where available. Negative amounts reflect adjustments made to amounts reported in prior years in the normal course of business.
De Minimis Rate Used: N
Rate Explanation: 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 was the recipient of funding under assistance listing number 84.425, Higher Education Emergency Relief Fund (HEERF). Of the amounts on the Schedule, $2,115,499 are supported by lost revenue. As such, this amount represents a reconciling item between the federal expenses in the University's financial statements and the amount included on the Schedule.