Title: 1. Basis of Presentation
Accounting Policies: 1. Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) summarizes the expenditures of Georgetown University (the “University”) under programs of the Federal Government for the year ended June 30, 2024. 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). Expenditures for federal awards are determined using the cost principles set forth in OMB Circular A-21, Cost Principles for Educational Institutions (2 CFR, Part 220), or the Uniform Guidance as applicable. Under these cost principles, certain types of expenditures are not allowable or are limited to reimbursement. The accompanying Schedule presents only the federal award activity of the University, and it is not intended to and does not present the financial position, changes in net assets and cash flows of the University. The University applies its predetermined approved facilities and administrative rate when charging indirect costs to federal awards and did not elect to use 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 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 (“ALN”) 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 and did not elect to use the 10% de minimis cost rate as described in Section 200 414 of the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) summarizes the expenditures of Georgetown University (the “University”) under programs of the Federal Government for the year ended June 30, 2024. 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). Expenditures for federal awards are determined using the cost principles set forth in OMB Circular A-21, Cost Principles for Educational Institutions (2 CFR, Part 220), or the Uniform Guidance as applicable. Under these cost principles, certain types of expenditures are not allowable or are limited to reimbursement. The accompanying Schedule presents only the federal award activity of the University, and it is not intended to and does not present the financial position, changes in net assets and cash flows of the University. The University applies its predetermined approved facilities and administrative rate when charging indirect costs to federal awards and did not elect to use 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 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 (“ALN”) and pass-through numbers are provided when available.
Title: 2. Student Financial Assistance Programs
Accounting Policies: 1. Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) summarizes the expenditures of Georgetown University (the “University”) under programs of the Federal Government for the year ended June 30, 2024. 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). Expenditures for federal awards are determined using the cost principles set forth in OMB Circular A-21, Cost Principles for Educational Institutions (2 CFR, Part 220), or the Uniform Guidance as applicable. Under these cost principles, certain types of expenditures are not allowable or are limited to reimbursement. The accompanying Schedule presents only the federal award activity of the University, and it is not intended to and does not present the financial position, changes in net assets and cash flows of the University. The University applies its predetermined approved facilities and administrative rate when charging indirect costs to federal awards and did not elect to use 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 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 (“ALN”) 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 and did not elect to use the 10% de minimis cost rate as described in Section 200 414 of the Uniform Guidance.
Expenditures for federal student financial assistance programs are recognized as incurred and include Pell program grants to students, Perkins Loans, the federal share of students’ Federal SEOG program grants and the federal share of Federal Work Study program earnings, loan disbursements, and administrative cost allowances, where applicable. Administrative cost allowances associated with expenditures related to Federal Work Study was $283,618 for the year ended June 30, 2024.
There were no administrative cost allowances for the year ended June 30, 2024 associated with expenditures related to SEOG Grants.
Title: 3. Federal Student Loan Programs
Accounting Policies: 1. Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) summarizes the expenditures of Georgetown University (the “University”) under programs of the Federal Government for the year ended June 30, 2024. 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). Expenditures for federal awards are determined using the cost principles set forth in OMB Circular A-21, Cost Principles for Educational Institutions (2 CFR, Part 220), or the Uniform Guidance as applicable. Under these cost principles, certain types of expenditures are not allowable or are limited to reimbursement. The accompanying Schedule presents only the federal award activity of the University, and it is not intended to and does not present the financial position, changes in net assets and cash flows of the University. The University applies its predetermined approved facilities and administrative rate when charging indirect costs to federal awards and did not elect to use 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 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 (“ALN”) 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 and did not elect to use the 10% de minimis cost rate as described in Section 200 414 of the Uniform Guidance.
The Federal Perkins Loan Program, Health Professions Student Loans, and Nursing loan programs are administered directly by the University and the balances and transactions relating to these programs are included in the University’s financial statements. The balance of loans outstanding under these programs at June 30, 2024 was $2,415,384, $386,440 and $1,981,708 respectively. Loans outstanding at the beginning of the year and loans made during the year, and administrative cost allowances are included in the federal expenditures presented in the Schedule. During the year ended June 30, 2018, the federal government terminated the Federal Perkins Loan Program. No further loans or disbursements will be made from the fund.
The University is responsible only for the performance of certain administrative duties with respect to the Federal Direct Loan Program and, accordingly, these loans are not included in the financial statements and it is not practical to determine the balance of loans outstanding to students and former students of the University under these programs at June 30, 2024.