Title: (1) Basis of Presentation
Accounting Policies: Expenditures for direct costs are recognized as incurred using the accrual basis of accounting and federal cost principles. Under these cost principles, certain types of expenditures are not allowable or are limited
as to reimbursement. Expenditures also include a portion of costs associated with general University activities (facilities and administrative costs), which are allocated to awards under negotiated formulas
commonly referred to as facilities and administrative cost rates (note 3). The negative amounts represent adjustments or credits, in the normal course of business, to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The University has an approved predetermined facilities and administrative cost rate effective through fiscal year June 30, 2024 for on-campus and off-campus sponsored research activities.
The accompanying supplementary schedule of expenditures of federal awards (the Schedule) summarizes the expenditures of Boston University and its subsidiaries (the University) under programs funded by 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 (the 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.
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
subawards passed through to the University by nonfederal organizations pursuant to federal grants, contracts and similar agreements. The Schedule also denotes awards passed through from the University to other non-federal subrecipient organizations.
Title: (2) Significant Accounting Policies
Accounting Policies: Expenditures for direct costs are recognized as incurred using the accrual basis of accounting and federal cost principles. Under these cost principles, certain types of expenditures are not allowable or are limited
as to reimbursement. Expenditures also include a portion of costs associated with general University activities (facilities and administrative costs), which are allocated to awards under negotiated formulas
commonly referred to as facilities and administrative cost rates (note 3). The negative amounts represent adjustments or credits, in the normal course of business, to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The University has an approved predetermined facilities and administrative cost rate effective through fiscal year June 30, 2024 for on-campus and off-campus sponsored research activities.
Expenditures for direct costs are recognized as incurred using the accrual basis of accounting and federal cost principles. Under these cost principles, certain types of expenditures are not allowable or are limited
as to reimbursement. Expenditures also include a portion of costs associated with general University activities (facilities and administrative costs), which are allocated to awards under negotiated formulas
commonly referred to as facilities and administrative cost rates (note 3). The negative amounts represent adjustments or credits, in the normal course of business, to amounts reported as expenditures in prior years.
Title: (3) Facilities and Administrative Cost Rates
Accounting Policies: Expenditures for direct costs are recognized as incurred using the accrual basis of accounting and federal cost principles. Under these cost principles, certain types of expenditures are not allowable or are limited
as to reimbursement. Expenditures also include a portion of costs associated with general University activities (facilities and administrative costs), which are allocated to awards under negotiated formulas
commonly referred to as facilities and administrative cost rates (note 3). The negative amounts represent adjustments or credits, in the normal course of business, to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The University has an approved predetermined facilities and administrative cost rate effective through fiscal year June 30, 2024 for on-campus and off-campus sponsored research activities.
The University elected not to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance. The University has an approved predetermined facilities and administrative cost rate effective
through fiscal year June 30, 2024 for on-campus and off-campus sponsored research activities. The base rates in effect for the year ended June 30, 2024 were 65% for on-campus research and 26% for off-campus
research. Facilities and administrative cost recoveries are reported as part of federal expenditures on the Schedule.
Title: (4) Federal Student Financial Assistance
Accounting Policies: Expenditures for direct costs are recognized as incurred using the accrual basis of accounting and federal cost principles. Under these cost principles, certain types of expenditures are not allowable or are limited
as to reimbursement. Expenditures also include a portion of costs associated with general University activities (facilities and administrative costs), which are allocated to awards under negotiated formulas
commonly referred to as facilities and administrative cost rates (note 3). The negative amounts represent adjustments or credits, in the normal course of business, to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The University has an approved predetermined facilities and administrative cost rate effective through fiscal year June 30, 2024 for on-campus and off-campus sponsored research activities.
Student Loan Programs
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 University’s consolidated financial
statements. Loan activities and balances consist of the following: [TABLE]
The amounts reported on the accompanying Schedule for these loan programs reflect the outstanding balance of loans at the beginning of the year, current year loaned amounts, and any administrative charges
related to the loan programs. There were no new federal capital contributions during the year ended June 30, 2024.
Federal Direct Loans
Federally guaranteed loans distributed to students of the University through the Federal Direct Student Loan Program during the year ended June 30, 2024 are summarized as follows: [TABLE]
These distributions and related funding sources are not included in the University’s consolidated financialstatements.