Notes to SEFA
he accompanying supplementary schedule of expenditures of federal awards (the Schedule) summarizes the expenditures of Bentley University (the University) under programs funded by the federal government for the year ended June 30, 2025. The information in the 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 (the Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the University, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the University. For purposes of the Schedule, federal awards include all federal assistance received directly from the federal government and awards passed through to the University by nonfederal organizations pursuant to federal grants, contracts, and similar agreements. The Schedule also denotes awards passed through from the University to other nonfederal subrecipient organizations.
Expenditures for direct costs are recognized as incurred using the accrual basis of accounting and cost accounting principles of the Uniform Guidance. Under these cost principles, certain types of expenditures are not allowable or are limited as to reimbursement. Expenditures also include a portion of costs associated with general University activities (facilities and administrative costs) which are allocated to awards under negotiated formulas commonly referred to as facilities and administrative cost rates.
The University has an approved predetermined facilities and administrative cost rate effective through fiscal year June 30, 2025 for on-campus and off-campus sponsored program activities. As such, the University has not elected to use the federally allowed de minimis rate of 10%. The base rates in effect for the year ended June 30, 2025 were 59% of direct salaries for on-campus programs and 30% of direct salaries for off-campus programs. Facilities and administrative cost recoveries are reported as part of federal expenditures on the Schedule.
The University distributed $27,090,379 of federally guaranteed loans to students of the University through the Federal Direct Loan Program (ALN 84.268), which includes Direct Subsidized and Unsubsidized Loans, and Direct Parent Loans for Undergraduate Students. These distributions and the related funding sources are not included in the University’s financial statements.