Audit 386405

The Schedule of Expenditures of Federal Awards (the “Schedule”) has been prepared to present a summary of those activities of the University of Pennsylvania for the year ended June 30, 2025, which have been financed by the U.S. Government (“Federal awards”) and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Relegations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). For purposes of the Schedule, Federal awards include all Federal assistance entered into directly between the University of Pennsylvania and the Federal government and sub-awards from non- Federal organizations made under federally sponsored agreements. Because the Schedule presents only a selected portion of the activities of the University of Pennsylvania, it is not intended to and does not present the financial position or the revenues, expenses or changes in net assets of the University of Pennsylvania. The University applies its predetermined approved facilities and administrative rate when charging indirect costs to federal awards rather than the 10% de minimis cost rate as described in Section 200.414 of the Uniform Guidance. Negative amounts on the schedule represent adjustments in the normal course of business to amounts reported in previous years. Assistance Listing and pass-through award numbers are present where available.

The federal student loan programs included within the Student Financial Aid Cluster on the Schedule of Expenditures of Federal Awards above, with the exception of Federal Direct Loans, are administered directly by the University and balances and transactions relating to these programs are included in the University’s consolidated financial statements. 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 amounts of Federal Loans outstanding as of June 30, 2025 are shown below. Federal Grantor/Program Assistance Listing Number Outstanding Balance as of 6/30/2025 Department of Education Perkins Loan 84.038 4,546,739 Department of Health and Human Services Health Professions Student Loans - Dental 93.342 11,317,964 Health Professions Student Loans - Medical 93.342 106,623 Health Professions Student Loans - Vet 93.342 3,661,630 Loans for Disadvantaged Students - Medical 93.342 1,473,751 Nursing Student Loan - Graduate 93.364 711,012 Nurse Faculty Loan Program 93.264 2,158,321 Nursing Student Loan - Undergraduate 93.364 2,427,494

As of June 30, 2025, the University received approval for $1.1M of claims submitted to FEMA during 2025 under Assistance Listing Number 97.036. The claims submitted represented incurred expenses attributed to the University’s response to COVID-19. The fiscal year 2025 Schedule includes expenses of $1.1M which were incurred in a prior year.