Title: 1. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of federal financial assistance and federal cost-reimbursement contracts of Tufts Medicine, Inc. and affiliates (the “System”).
Operations related to the System’s federal grant programs are included in the scope of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. The federal oversight agency for the System is the Department of Health and Human Services (DHHS).
Expenditures related to federal grant funds are recorded on the accrual basis of accounting.
Program Clusters—For the year ended September 30, 2023, the following program clusters were identified:
• Research and Development
• Student Financial Assistance
Major Programs—Major programs are identified in the summary of auditor’s results section of the schedule of findings and questioned costs.
De Minimis Rate Used: N
Rate Explanation: The System has elected not to use the 10% indirect cost rate allowed under the Uniform Guidance, and instead uses the modified total direct cost basis to determine the facilities and administrative rate. The rates used during 2024 were based on approved rates as received from DHHS.
The accompanying schedule of expenditures of federal awards presents the activity of federal financial assistance and federal cost-reimbursement contracts of Tufts Medicine, Inc. and affiliates (the “System”).
Operations related to the System’s federal grant programs are included in the scope of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. The federal oversight agency for the System is the Department of Health and Human Services (DHHS).
Expenditures related to federal grant funds are recorded on the accrual basis of accounting.
Program Clusters—For the year ended September 30, 2024, the following program clusters were identified:
• Research and Development
• Student Financial Assistance
Major Programs—Major programs are identified in the summary of auditor’s results section of the schedule of findings and questioned costs.
Title: 2. SUMMARY OF FACILITIES AND ADMINISTRATIVE COST RECOVERIES
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of federal financial assistance and federal cost-reimbursement contracts of Tufts Medicine, Inc. and affiliates (the “System”).
Operations related to the System’s federal grant programs are included in the scope of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. The federal oversight agency for the System is the Department of Health and Human Services (DHHS).
Expenditures related to federal grant funds are recorded on the accrual basis of accounting.
Program Clusters—For the year ended September 30, 2023, the following program clusters were identified:
• Research and Development
• Student Financial Assistance
Major Programs—Major programs are identified in the summary of auditor’s results section of the schedule of findings and questioned costs.
De Minimis Rate Used: N
Rate Explanation: The System has elected not to use the 10% indirect cost rate allowed under the Uniform Guidance, and instead uses the modified total direct cost basis to determine the facilities and administrative rate. The rates used during 2024 were based on approved rates as received from DHHS.
The System has elected not to use the 10% indirect cost rate allowed under the Uniform Guidance, and instead uses the modified total direct cost basis to determine the facilities and administrative rate. The rates used during 2024 were based on approved rates as received from DHHS.
Title: 3.FEDERAL STUDENT LOAN PROGRAMS
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of federal financial assistance and federal cost-reimbursement contracts of Tufts Medicine, Inc. and affiliates (the “System”).
Operations related to the System’s federal grant programs are included in the scope of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. The federal oversight agency for the System is the Department of Health and Human Services (DHHS).
Expenditures related to federal grant funds are recorded on the accrual basis of accounting.
Program Clusters—For the year ended September 30, 2023, the following program clusters were identified:
• Research and Development
• Student Financial Assistance
Major Programs—Major programs are identified in the summary of auditor’s results section of the schedule of findings and questioned costs.
De Minimis Rate Used: N
Rate Explanation: The System has elected not to use the 10% indirect cost rate allowed under the Uniform Guidance, and instead uses the modified total direct cost basis to determine the facilities and administrative rate. The rates used during 2024 were based on approved rates as received from DHHS.
Loans outstanding to students under federal programs at September 30, 2024, are summarized as follows:
Nursing Student Loan Program: $124,306
Federal Family Education loans are administered by outside financial institutions, and balances and transactions relating to these programs are not included in the System’s consolidated financial statements.
Title: 4. DONATED MEDICAL EQUIPMENT (UNAUDITED)
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of federal financial assistance and federal cost-reimbursement contracts of Tufts Medicine, Inc. and affiliates (the “System”).
Operations related to the System’s federal grant programs are included in the scope of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. The federal oversight agency for the System is the Department of Health and Human Services (DHHS).
Expenditures related to federal grant funds are recorded on the accrual basis of accounting.
Program Clusters—For the year ended September 30, 2023, the following program clusters were identified:
• Research and Development
• Student Financial Assistance
Major Programs—Major programs are identified in the summary of auditor’s results section of the schedule of findings and questioned costs.
De Minimis Rate Used: N
Rate Explanation: The System has elected not to use the 10% indirect cost rate allowed under the Uniform Guidance, and instead uses the modified total direct cost basis to determine the facilities and administrative rate. The rates used during 2024 were based on approved rates as received from DHHS.
During the year ended September 30, 2024, the System did not receive any donated medical equipment from a federal awarding agency.