Title: Basis of Presentation
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the expenditures of Rochester Institute of Technology (the “University”) under programs of the federal government and is presented on the accrual basis of accounting. 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, Costs Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). Negative amounts represent current year adjustments of amounts reported in prior years. 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. For purposes of the Schedule, federal awards include all grants, contracts and similar agreements entered into directly between the University and the agencies and departments of the federal government, or passed-through by other organizations to the University from agencies and departments of the federal government. When available, Assistance Listing Numbers and pass-through numbers are provided. Because the Schedule presents only a selected portion of the operations of the University, it is not intended to and does not present the financial position, changes in net assets or cash flows of the University.
De Minimis Rate Used: N
Rate Explanation: RIT has Federal Agency Acceptance of Negotiated Indirect Cost Rates
The accompanying Schedule of Expenditures of Federal Awards (“Schedule”) includes the expenditures of Rochester Institute of Technology (the “University”) under programs of the federal government and is presented on the accrual basis of accounting. 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, Costs Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). Negative amounts represent current year adjustments of amounts reported in prior years. 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. For purposes of the Schedule, federal awards include all grants, contracts and similar agreements entered into directly between the University and the agencies and departments of the federal government, or passed-through by other organizations to the University from agencies and departments of the federal government. When available, Assistance Listing Numbers and pass-through numbers are provided. Because the Schedule presents only a selected portion of the operations of the University, it is not intended to and does not present the financial position, changes in net assets or cash flows of the University.
Title: Federally Guaranteed Loans
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the expenditures of Rochester Institute of Technology (the “University”) under programs of the federal government and is presented on the accrual basis of accounting. 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, Costs Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). Negative amounts represent current year adjustments of amounts reported in prior years. 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. For purposes of the Schedule, federal awards include all grants, contracts and similar agreements entered into directly between the University and the agencies and departments of the federal government, or passed-through by other organizations to the University from agencies and departments of the federal government. When available, Assistance Listing Numbers and pass-through numbers are provided. Because the Schedule presents only a selected portion of the operations of the University, it is not intended to and does not present the financial position, changes in net assets or cash flows of the University.
De Minimis Rate Used: N
Rate Explanation: RIT has Federal Agency Acceptance of Negotiated Indirect Cost Rates
The University participated in the Federal Perkins Loan Program through its expiration on September 30, 2017. The balance in this program, $5,244,273 at June 30, 2024, as well as loan expenditures and disbursements are federally guaranteed.
Title: National Technical Institute for the Deaf (“NTID”, “College”)
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the expenditures of Rochester Institute of Technology (the “University”) under programs of the federal government and is presented on the accrual basis of accounting. 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, Costs Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). Negative amounts represent current year adjustments of amounts reported in prior years. 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. For purposes of the Schedule, federal awards include all grants, contracts and similar agreements entered into directly between the University and the agencies and departments of the federal government, or passed-through by other organizations to the University from agencies and departments of the federal government. When available, Assistance Listing Numbers and pass-through numbers are provided. Because the Schedule presents only a selected portion of the operations of the University, it is not intended to and does not present the financial position, changes in net assets or cash flows of the University.
De Minimis Rate Used: N
Rate Explanation: RIT has Federal Agency Acceptance of Negotiated Indirect Cost Rates
NTID was created on June 8, 1965 through Public Law 89-36, The National Technical Institute for the Deaf Act (now incorporated into Public Law 99-371, The Education of the Deaf Act (“EDA”) of 1986 and subsequently modified by the 1992, 1993 and 1999 Amendments). In March 1966, the Policies, Guidelines, and Application Procedures were prepared by the National Advisory Board through the auspices of the Secretary of Health, Education and Welfare. This document provided a framework for the character and composition of NTID by establishing specific goals, a program for instruction, procedures for admission, placement provisions and facilities requirements. After an extensive search for the appropriate "Host Institution," the Agreement for Establishment and Operation of the National Technical Institute for the Deaf between the Secretary of Health, Education and Welfare and Rochester Institute of Technology, was signed on December 20, 1966. These four documents are in essence the law and collectively provide the overall guidance on the expenditure of federal funds.
NTID is a unique federal program in that its funding must be approved through an annual appropriation by the United States Congress. The appropriation currently covers approximately 80% of the College’s total operating costs and provides matching funds for the University’s Federal Endowment Fund. The remaining operating costs are funded by other sources of income including tuition, room, board and fees paid by students and a program of private fundraising as required by law. In addition to offering a wide array of academic programs to deaf and hard-of-hearing students, the College promotes and disseminates its services and its research findings nationally and internationally; educates other professionals to serve people who are deaf and hard-of-hearing; and, interacts regularly with its federal oversight agencies. As a result, there are a number of activities whose costs are treated as direct and others that are treated as indirect, where costs have been incurred for common or joint objectives and cannot be readily identified with a particular cost objective. The operation of NTID in conjunction with the overall congressional appropriation process does not result in finalization of the program results until after completion of the indirect cost recovery process negotiated annually by the University with the Cost Allocation Services of the Department of Health and Human Services.
by the Department of Health and Human Services, and the EDA as amended, govern the allowability of expenditures related to NTID. NTID is not subject to 2 CFR Part 200, Subpart E in the determination of the allowability of costs, but rather is subject to the provisions of the four authorizing documents as described above, with particular emphasis on the Cost Principles as stated in the EDA, as amended. The principles and policies employed by the University in determining costs applicable to NTID encompass the concepts of reasonableness of cost, necessity for the operation of NTID, prudence, cost-benefit, and allowability; University policies; and, the EDA. Direct costs are those costs that are identified with activities of the College with relative ease and a high degree of accuracy. After direct costs have been determined and assigned to awards or other work as appropriate, indirect costs are those remaining to be allocated to benefiting cost objectives, net of costs of certain activities not allowable as charges to NTID. The allocation of indirect costs to NTID is designed to reflect an equitable distribution of those allowable costs indirectly benefiting all of the colleges which comprise the University.
In addition, NTID received funds in its annual appropriation to support a regional partnership with the Alabama Institute for the Deaf and Blind (“AIDB”). The NTID Southeast Regional STEM Center was established to expand the geographic reach of activities and services supported by NTID consistent with its mission and strategic plan. Of the amount included in government grants and contracts on the Consolidated Statements of Activities, $9,437,639 and $10,058,583 at June 30, 2024 and 2023, respectively, was appropriated for the AIDB regional partnership.
Title: NTID Program Expenditures
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the expenditures of Rochester Institute of Technology (the “University”) under programs of the federal government and is presented on the accrual basis of accounting. 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, Costs Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). Negative amounts represent current year adjustments of amounts reported in prior years. 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. For purposes of the Schedule, federal awards include all grants, contracts and similar agreements entered into directly between the University and the agencies and departments of the federal government, or passed-through by other organizations to the University from agencies and departments of the federal government. When available, Assistance Listing Numbers and pass-through numbers are provided. Because the Schedule presents only a selected portion of the operations of the University, it is not intended to and does not present the financial position, changes in net assets or cash flows of the University.
De Minimis Rate Used: N
Rate Explanation: RIT has Federal Agency Acceptance of Negotiated Indirect Cost Rates
NTID program expenditures for the year ended June 30, 2024 were $120,593,763, of which $96,933,648 represents direct and indirect costs charged to the federal government.