Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting and recognized
following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are
not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the Schedule
represent adjustments or credits made in the normal course of business to amounts reported as
expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The University has not elected to use the 10-percent de minimis indirect cost rate allowed under the
Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award
activity of Fordham University (the University) under programs of the federal government for the year
ended June 30, 2024. The information in the 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).
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: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting and recognized
following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are
not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the Schedule
represent adjustments or credits made in the normal course of business to amounts reported as
expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The University has not elected to use the 10-percent de minimis indirect cost rate allowed under the
Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting and recognized
following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are
not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the Schedule
represent adjustments or credits made in the normal course of business to amounts reported as
expenditures in prior years.
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting and recognized
following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are
not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the Schedule
represent adjustments or credits made in the normal course of business to amounts reported as
expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The University has not elected to use the 10-percent de minimis indirect cost rate allowed under the
Uniform Guidance.
The University has not elected to use the 10-percent de minimis indirect cost rate allowed under the
Uniform Guidance.
Title: Federal Direct Student Loan Program (ALN 84.268)
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting and recognized
following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are
not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the Schedule
represent adjustments or credits made in the normal course of business to amounts reported as
expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The University has not elected to use the 10-percent de minimis indirect cost rate allowed under the
Uniform Guidance.
The University is only responsible for the performance of certain administrative duties in connection with
the Federal Direct Student Loan Program. Accordingly, the University’s financial statements do not include
the lending and collection activities associated with this program. The Schedule includes the amounts
awarded to students during the year ended June 30, 2024. It is not practical to determine the balances of
loans outstanding to students of the University under this program.
Title: Federal Perkins Loan Program (ALN 84.038)
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting and recognized
following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are
not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the Schedule
represent adjustments or credits made in the normal course of business to amounts reported as
expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The University has not elected to use the 10-percent de minimis indirect cost rate allowed under the
Uniform Guidance.
The University extended loans through a revolving federal loan program which ended in fiscal year 2018.
The expenditures on the Schedule related to the Federal Perkins Loan Program represent the beginning of
year (July 1, 2023) balance of $2,069,278. Perkins loans outstanding at June 30, 2024 were $1,527,471.
The University returned $459,341 to the U.S. Department of Education in fiscal 2024.