Audit 334373

Title: Federal Student Loan Programs Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) summarizes the expenditures of Northeastern University (the “University”) under programs of the federal government for the year ended June 30, 2024.The Schedule includes its wholly owned subsidiary Kostas Research Institute (“KRI”) at Northeastern University, LLC. The information presented 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 non-federal 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 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 Perkins Loan Program, the Health Professions Student Loan Program (HPSL), and the Nursing Student Loan Program are administered directly by the University and balances an transactions relating to these programs are included in the University’s financial statements. The University is responsible for the performance of certain administrative duties with respect to federally guaranteed student loan programs. The balances of loans outstanding under the programs administered directly by the University at June 30, 2024 consist of: Perkins Loan Program (Assistance Listing #84.038) $572,306 Nurse Faculty Loan (Assistance Listing #93.264) $159,106 Health Professions Student Loan Program (HPSL) (Assistance Listing #93.342) $1,912,861 Nursing Student Loan Program (Assistance Listing #93.364) $3,268,167 ARRA - Nurse Faculty Loan (Assistance Listing #93.408) $13,793 Total Outstanding Loans $5,926,232

Title: Federal Emergency Management Agency (FEMA) Public Assistance Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) summarizes the expenditures of Northeastern University (the “University”) under programs of the federal government for the year ended June 30, 2024.The Schedule includes its wholly owned subsidiary Kostas Research Institute (“KRI”) at Northeastern University, LLC. The information presented 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 non-federal 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 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 applied for reimbursement of certain expenses related to the COVID-19 pandemic and other weather-related incidents under Assistance Listing #97.036, FEMA Public Assistance through the commonwealth of Massachusetts. Expenditures are reflected in the Schedule in the year in which a project application is obligated. The Schedule thus includes $29,438,082 of expenditures incurred in fiscal years 2021 and 2022, which were obligated in fiscal year 2024 and represents a reconciling item between the federal expenses in the University’s financial statements and the amount included on the Schedule.