Title: Basis of Presentation
Accounting Policies: William Marsh Rice University (the “University”) is a Texas not-for-profit corporation that operates a private research university in Houston, Texas. The consolidated financial statements of the University have been prepared on the accrual basis of accounting, in accordance with accounting principles generally accepted in the United States of America and with the provisions of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (ASC) 958, Not-for-Profit Entities, which requires the University to classify its net assets into two categories according to donor-imposed restrictions: net assets without donor-imposed restrictions and net assets with donor-imposed restrictions. All material transactions between the University and its subsidiaries have been eliminated.
The financial statements include certain prior year summarized comparative information in total but not by net asset class. Such information does not include sufficient detail to constitute a presentation in conformity with accounting principles generally accepted in the United States of America. Accordingly, such information should be read in conjunction with the University’s financial statements for the year ended June 30, 2023, from which the summarized information was derived.
The consolidated financial statements of the University include the accounts of all academic and administrative departments of the University and affiliated organizations that are controlled by the University.
De Minimis Rate Used: N
Rate Explanation: The University has an approved predetermined indirect cost rate agreement.
The purpose of the Schedule of Expenditures of Federal Awards (the “Schedule”) is to present a summary of the activities of the University for the year ended June 30, 2024, which have been financed by the U.S. Government. The Schedule is presented on the accrual basis of accounting and in accordance with the requirements of Title 2 U.S. Code of Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance).
For the purposes of the Schedule, federal awards have been classified into two types:
• Direct federal awards consisting of federal assistance and federal student financial aid, and
• Pass-through funds received from nonfederal organizations made under federally sponsored programs conducted by those organizations.
Because the Schedule presents only a selected portion of the activities of the University, it is not intended to and does not present either the financial position or the activities of the University. Negative numbers in the Schedule represent adjustments to amounts previously reported in the normal course of business. Full Assistance Listing Numbers (ALN) and pass-through numbers are included in the Schedule when available.
Federal programs are presented by federal department and, where applicable, the funding agency within the department. Federal pass-through programs include the entity through which the University received the pass-through federal awards funding. Total expenditures, expenditures which were passed to subrecipients and lost revenues are included.
Title: Indirect Costs
Accounting Policies: William Marsh Rice University (the “University”) is a Texas not-for-profit corporation that operates a private research university in Houston, Texas. The consolidated financial statements of the University have been prepared on the accrual basis of accounting, in accordance with accounting principles generally accepted in the United States of America and with the provisions of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (ASC) 958, Not-for-Profit Entities, which requires the University to classify its net assets into two categories according to donor-imposed restrictions: net assets without donor-imposed restrictions and net assets with donor-imposed restrictions. All material transactions between the University and its subsidiaries have been eliminated.
The financial statements include certain prior year summarized comparative information in total but not by net asset class. Such information does not include sufficient detail to constitute a presentation in conformity with accounting principles generally accepted in the United States of America. Accordingly, such information should be read in conjunction with the University’s financial statements for the year ended June 30, 2023, from which the summarized information was derived.
The consolidated financial statements of the University include the accounts of all academic and administrative departments of the University and affiliated organizations that are controlled by the University.
De Minimis Rate Used: N
Rate Explanation: The University has an approved predetermined indirect cost rate agreement.
For the year ended June 30, 2024, the University has an approved predetermined indirect cost rate agreement. As such, the 10% de minimis c cost rate, as described in Section 200.414 of the Uniform Guidance, is not applicable.
Title: Federal Perkins Loan Program
Accounting Policies: William Marsh Rice University (the “University”) is a Texas not-for-profit corporation that operates a private research university in Houston, Texas. The consolidated financial statements of the University have been prepared on the accrual basis of accounting, in accordance with accounting principles generally accepted in the United States of America and with the provisions of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (ASC) 958, Not-for-Profit Entities, which requires the University to classify its net assets into two categories according to donor-imposed restrictions: net assets without donor-imposed restrictions and net assets with donor-imposed restrictions. All material transactions between the University and its subsidiaries have been eliminated.
The financial statements include certain prior year summarized comparative information in total but not by net asset class. Such information does not include sufficient detail to constitute a presentation in conformity with accounting principles generally accepted in the United States of America. Accordingly, such information should be read in conjunction with the University’s financial statements for the year ended June 30, 2023, from which the summarized information was derived.
The consolidated financial statements of the University include the accounts of all academic and administrative departments of the University and affiliated organizations that are controlled by the University.
De Minimis Rate Used: N
Rate Explanation: The University has an approved predetermined indirect cost rate agreement.
The Federal Perkins Loan Program, ALN 84.038, is administered by a third-party service provider, with balances and transactions relating to this program included in the University’s financial statements. For the year ended June 30, 2024, federal expenditures presented in the Schedule include loans outstanding at the beginning of the year. Due to the cessation of the Perkins Loan Program, no new loans were made during the year. The balance of loans outstanding at June 30, 2024 was $1,166,842.