Audit 377085

The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant, contract and cooperative agreement activity of The George Washington University (the University) and its subsidiaries and is presented on the accrual basis of accounting. The information in this Schedule is presented in accordance with requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (OMB Uniform Guidance). Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the consolidated financial statements. Negative numbers in the Schedule represent adjustments to amounts previously reported in the normal course of business. Full Assistance Listing and pass-through numbers are included in the Schedule when available. Expenditures are recognized following, as applicable, either the cost principles contained in the OMB Uniform Guidance, or the cost principles contained in the OMB Circular A-21, Cost Principles for Educational Institutions. Under these cost principles and administrative requirements, certain types of expenditures are not allowable or are limited to reimbursement.

The University has a negotiated indirect cost rate agreement with Department of Health and Human Services as the cognizant agency for indirect cost. As such, the University did not use the 10 percent de minimis indirect cost rate allowed under the OMB Uniform Guidance.

The University originates loans to eligible students under federal student loan programs. Campus-based loan programs (Federal Perkins and Health Professions Student Loans, including Primary Care Loans and Loans for Disadvantaged Students) are administered directly by the University. Balances and transactions relating to these programs are included in the basic consolidated financial statements of the University. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balances of loans outstanding at June 30, 2025 are summarized below: See the Notes to the SEFA for chart/table. The University is responsible only for the performance of certain administrative duties with respect to federal loans disbursed by the Department of Education to or on behalf of University students under the Federal Direct Student Loans program (Federal Stafford, Federal Parents Loans for Undergraduate and Graduate Students, and Unsubsidized Federal Stafford Loans, collectively Assistance Listing No. 84.268). Loan disbursements under the Federal Direct Student Loans program are included in the federal expenditures presented in the Schedule. It is not practical to determine the balance of loans outstanding to students and former students of the University under these federally guaranteed loan programs at June 30, 2025.