Title: Basis of Presentation
Accounting Policies: Basis of Presentation - The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the
federal expenditures of Vanderbilt University (“Vanderbilt”) under programs of the federal
government for the year ended June 30, 2024. 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, Cost Principles, and Audit Requirements for Federal Awards
(“Uniform Guidance”) and Office of Management and Budget Circular A-21, Cost Principles for
Educational Institutions as applicable. Because the Schedule presents only a selected portion of
the operations of Vanderbilt, it is not intended to, and does not, present the financial position,
changes in net assets, or cash flows of Vanderbilt.
For purposes of the Schedule, federal awards include all grants, contracts, and similar agreements
entered into directly between Vanderbilt and agencies and departments of the federal government
and all subawards to Vanderbilt by nonfederal organizations pursuant to federal grants, contracts,
and similar agreements.
Summary of Significant Accounting Policies for the Schedule - For purposes of the Schedule, expenditures for federal programs are recognized on the accrual
basis, which is consistent with generally accepted accounting principles.
Expenditures for federal student financial assistance programs are recognized as incurred and
include Federal Pell program grants to students, the federal share of students’ FSEOG program
grants, FWS program earnings, loans to students under federally guaranteed programs and certain
other federal financial assistance grants for students and administrative cost allowances, where
applicable.
Expenditures for other federal awards on the Schedule are reported on the accrual basis of
accounting. Such expenditures are recognized following, as applicable, either the cost principles in
Uniform Guidance or A-21, wherein certain types of expenditures are not allowable or are limited
as to reimbursement.
Expenditures for certain nonstudent financial assistance awards include facilities and administrative
costs (indirect costs). Facilities and administrative costs allocated to such awards for the year
ended June 30, 2024 were based on predetermined fixed rates negotiated with Vanderbilt’s
cognizant federal agency, the U.S. Department of Health and Human Services. Indirect costs and
recoveries of those costs under sponsored programs are classified as unrestricted expenditures
and revenues, respectively, in Vanderbilt’s financial statements. Vanderbilt has elected not to use
the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Negative amounts represent adjustments or credits made in the normal course of business to
amounts reported as expenditures in prior years. This results in accurate reporting on a cumulative
basis over multiple periods. Assistance Listing numbers and pass-through numbers are provided
when available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the
federal expenditures of Vanderbilt University (“Vanderbilt”) under programs of the federal
government for the year ended June 30, 2024. 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, Cost Principles, and Audit Requirements for Federal Awards
(“Uniform Guidance”) and Office of Management and Budget Circular A-21, Cost Principles for
Educational Institutions as applicable. Because the Schedule presents only a selected portion of
the operations of Vanderbilt, it is not intended to, and does not, present the financial position,
changes in net assets, or cash flows of Vanderbilt.
For purposes of the Schedule, federal awards include all grants, contracts, and similar agreements
entered into directly between Vanderbilt and agencies and departments of the federal government
and all subawards to Vanderbilt by nonfederal organizations pursuant to federal grants, contracts,
and similar agreements.
Title: Summary of Significant Accounting Policies for the Schedule
Accounting Policies: Basis of Presentation - The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the
federal expenditures of Vanderbilt University (“Vanderbilt”) under programs of the federal
government for the year ended June 30, 2024. 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, Cost Principles, and Audit Requirements for Federal Awards
(“Uniform Guidance”) and Office of Management and Budget Circular A-21, Cost Principles for
Educational Institutions as applicable. Because the Schedule presents only a selected portion of
the operations of Vanderbilt, it is not intended to, and does not, present the financial position,
changes in net assets, or cash flows of Vanderbilt.
For purposes of the Schedule, federal awards include all grants, contracts, and similar agreements
entered into directly between Vanderbilt and agencies and departments of the federal government
and all subawards to Vanderbilt by nonfederal organizations pursuant to federal grants, contracts,
and similar agreements.
Summary of Significant Accounting Policies for the Schedule - For purposes of the Schedule, expenditures for federal programs are recognized on the accrual
basis, which is consistent with generally accepted accounting principles.
Expenditures for federal student financial assistance programs are recognized as incurred and
include Federal Pell program grants to students, the federal share of students’ FSEOG program
grants, FWS program earnings, loans to students under federally guaranteed programs and certain
other federal financial assistance grants for students and administrative cost allowances, where
applicable.
Expenditures for other federal awards on the Schedule are reported on the accrual basis of
accounting. Such expenditures are recognized following, as applicable, either the cost principles in
Uniform Guidance or A-21, wherein certain types of expenditures are not allowable or are limited
as to reimbursement.
Expenditures for certain nonstudent financial assistance awards include facilities and administrative
costs (indirect costs). Facilities and administrative costs allocated to such awards for the year
ended June 30, 2024 were based on predetermined fixed rates negotiated with Vanderbilt’s
cognizant federal agency, the U.S. Department of Health and Human Services. Indirect costs and
recoveries of those costs under sponsored programs are classified as unrestricted expenditures
and revenues, respectively, in Vanderbilt’s financial statements. Vanderbilt has elected not to use
the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Negative amounts represent adjustments or credits made in the normal course of business to
amounts reported as expenditures in prior years. This results in accurate reporting on a cumulative
basis over multiple periods. Assistance Listing numbers and pass-through numbers are provided
when available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate.
For purposes of the Schedule, expenditures for federal programs are recognized on the accrual
basis, which is consistent with generally accepted accounting principles.
Expenditures for federal student financial assistance programs are recognized as incurred and
include Federal Pell program grants to students, the federal share of students’ FSEOG program
grants, FWS program earnings, loans to students under federally guaranteed programs and certain
other federal financial assistance grants for students and administrative cost allowances, where
applicable.
Expenditures for other federal awards on the Schedule are reported on the accrual basis of
accounting. Such expenditures are recognized following, as applicable, either the cost principles in
Uniform Guidance or A-21, wherein certain types of expenditures are not allowable or are limited
as to reimbursement.
Expenditures for certain nonstudent financial assistance awards include facilities and administrative
costs (indirect costs). Facilities and administrative costs allocated to such awards for the year
ended June 30, 2024 were based on predetermined fixed rates negotiated with Vanderbilt’s
cognizant federal agency, the U.S. Department of Health and Human Services. Indirect costs and
recoveries of those costs under sponsored programs are classified as unrestricted expenditures
and revenues, respectively, in Vanderbilt’s financial statements. Vanderbilt has elected not to use
the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Negative amounts represent adjustments or credits made in the normal course of business to
amounts reported as expenditures in prior years. This results in accurate reporting on a cumulative
basis over multiple periods. Assistance Listing numbers and pass-through numbers are provided
when available.
Title: Federal Student Financial Assistance Programs
Accounting Policies: Basis of Presentation - The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the
federal expenditures of Vanderbilt University (“Vanderbilt”) under programs of the federal
government for the year ended June 30, 2024. 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, Cost Principles, and Audit Requirements for Federal Awards
(“Uniform Guidance”) and Office of Management and Budget Circular A-21, Cost Principles for
Educational Institutions as applicable. Because the Schedule presents only a selected portion of
the operations of Vanderbilt, it is not intended to, and does not, present the financial position,
changes in net assets, or cash flows of Vanderbilt.
For purposes of the Schedule, federal awards include all grants, contracts, and similar agreements
entered into directly between Vanderbilt and agencies and departments of the federal government
and all subawards to Vanderbilt by nonfederal organizations pursuant to federal grants, contracts,
and similar agreements.
Summary of Significant Accounting Policies for the Schedule - For purposes of the Schedule, expenditures for federal programs are recognized on the accrual
basis, which is consistent with generally accepted accounting principles.
Expenditures for federal student financial assistance programs are recognized as incurred and
include Federal Pell program grants to students, the federal share of students’ FSEOG program
grants, FWS program earnings, loans to students under federally guaranteed programs and certain
other federal financial assistance grants for students and administrative cost allowances, where
applicable.
Expenditures for other federal awards on the Schedule are reported on the accrual basis of
accounting. Such expenditures are recognized following, as applicable, either the cost principles in
Uniform Guidance or A-21, wherein certain types of expenditures are not allowable or are limited
as to reimbursement.
Expenditures for certain nonstudent financial assistance awards include facilities and administrative
costs (indirect costs). Facilities and administrative costs allocated to such awards for the year
ended June 30, 2024 were based on predetermined fixed rates negotiated with Vanderbilt’s
cognizant federal agency, the U.S. Department of Health and Human Services. Indirect costs and
recoveries of those costs under sponsored programs are classified as unrestricted expenditures
and revenues, respectively, in Vanderbilt’s financial statements. Vanderbilt has elected not to use
the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Negative amounts represent adjustments or credits made in the normal course of business to
amounts reported as expenditures in prior years. This results in accurate reporting on a cumulative
basis over multiple periods. Assistance Listing numbers and pass-through numbers are provided
when available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate.
The Perkins, Nurse Faculty Loan Program (NFLP), and Nursing Student Loan (NSL) programs are
administered directly by Vanderbilt, and balances and transactions relating to these programs are
included in Vanderbilt’s consolidated financial statements. The Perkins program was closed in
2017 and the outstanding funds are being paid back. Loans outstanding at the beginning of the
year and the amount of direct loans made during the year ended June 30, 2024 are included in the
federal expenditures presented in the Schedule. The balance of loans outstanding at June 30,
2024 consists of: (see chart) Vanderbilt is responsible for the performance of certain administrative duties with respect to the
guaranteed federal direct loan programs. As a university qualified to originate loans, Vanderbilt is
responsible for handling the complete loan origination process, including funds management and
promissory note functions. Vanderbilt is not responsible for the collection of these loans.