Audit 387295

The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) summarizes the expenditures of Harvard University (the “University”) under programs of the federal government for the year ended June 30, 2025. The information in this Schedule is presented in accordance with the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the financial statements of the University. Negative amounts represent adjustments or credits to amounts reported as expenditures in prior years in the normal course of business. Assistance Listing Numbers and pass-through numbers are provided when available. For purposes of the Schedule, Federal awards include all grants, contracts and similar agreements entered into directly between the University and agencies and departments of the Federal government and all subawards to the University by nonfederal or organizations pursuant to Federal grants, contracts and similar agreements. Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, as applicable, wherein certain types of expenditures are not allowable or are limited to reimbursement.

The University applies its predetermined approved facilities and administrative rate when charging indirect costs to federal awards rather than the 10% or 15% de minimis cost rate, as applicable, as described in Section 200.414 of the Uniform Guidance. The University recovers facilities and administrative costs associated with sponsored agreements pursuant to separate arrangements negotiated with the University’s Federal cognizant agency by each of the Medical School, T.H. Chan School of Public Health, and the University Area. Predetermined federal indirect cost rates have been established for the University Area, the Medical School (including the School of Dental Medicine), and the T.H. Chan School of Public Health through fiscal year 2025.

The Federal student loan programs listed below 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, the administrative cost allowance and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at June 30, 2025 consist of: Assistance Listing #: Amount Perkins 84.038 $ 3,973,783 HPSL/LDS/PCL 93.342 12,946,175 Total Federal Student Loans $ 16,919,958 Loans made by the University to eligible students under the Federal student loan programs and Federally guaranteed loans issued to students during the year ended June 30, 2025 are summarized as follows: Assistance Listing #: Amount Perkins 84.038 $ - Net Direct Subsidized Stafford 84.268 991,045 Net Direct Unsubsidized Stafford 84.268 53,989,813 Net Direct PLUS 84.268 4,462,675 Net Direct Grad PLUS 84.268 41,961,652 HPSL/LDS/PCL 93.342 1,112,985 Total $ 102,518,170

During fiscal year 2025, the federal government terminated various awards and froze research funding. The University filed a lawsuit against various federal agencies in April 2025 and in September of 2025, a federal district court granted Harvard’s motion for summary judgment, ruling that the government’s freeze of research funding and termination of grants was unconstitutional and procedurally improper. Subsequent to this ruling, most terminated awards have been reinstated, and the University has received reimbursement for the majority of fiscal year 2025 expenditures incurred on these awards. The SEFA does not include these expenditures post termination date of the award through June 30, 2025, unless reinstated before June 30, 2025.