Audit 390638

The accompanying schedule of expenditures of federal awards (the “Schedule”) presents the expenditures charged to federal programs of the Research Foundation of The City University of New York and its related entity (“RF CUNY”) 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 (“CFR”) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). Federal awards, principally federal student financial assistance, received and administered by The City University of New York (the “University”), are not included in the accompanying Schedule because the University prepares a separate report for such federal awards programs.

Expenditures reported in the Schedule are reported on the cash basis of accounting. Such expenditures are recognized in accordance with the cost principles contained in the Uniform Guidance. Accordingly, certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. RF CUNY’s consolidated financial statements were prepared on the accrual basis of accounting; therefore, certain amounts presented in the Schedule differ from amounts presented in, or used in the preparation of, RF CUNY’s consolidated financial statements. However, management has reconciled amounts presented in the consolidated financial statements to related amounts in the Schedule. RF CUNY utilizes an approved indirect cost rate negotiated with its cognizant agency, the U.S. Department of Health and Human Services (“DHHS”), to charge facilities and administrative costs to sponsored projects. Such rate is subject to audit and potential adjustment by DHHS. Therefore, RF CUNY elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.