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, 2025. 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.
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, 2025 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.
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, 2025 are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at June 30, 2025 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.