The accompanying Schedule of Expenditures of Federal Awards (the Schedule) for the year ended June 30, 2025 has been prepared on the accrual basis of accounting in accordance with the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. The purpose of this Schedule is to present a summary of those activities of Stevens Institute of Technology (the University) for the year ended June 30, 2025, which have been financed by the U.S. Government (federal awards). For purposes of the Schedule, awards include any assistance provided by a federal agency directly or indirectly in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance, direct appropriations, and other noncash assistance. Because the schedule presents only a select portion of the activities 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 and may differ from amounts presented in, or used in the preparation of, the basic consolidated financial statements. The accounting principles followed by the University in preparing the accompanying Schedule follow: • Expenditures for direct costs are recognized as incurred in accordance with Title 2 U.S. Code of Federal Regulation Part 200, Subpart E Cost Principles for Federal Awards with terms and conditions. Under these cost principles, 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. • The University has elected not to use the de minimus indirect cost rate allowed under the Uniform Guidance. Instead, the University elected to use its negotiated indirect cost rate. The University uses a facilities and administrative (F&A) rate, generally based upon the modified total direct cost base, to charge F&A costs to particular sponsored projects. The F&A rate, which is negotiated and subject to review by the Office of Naval Research (ONR), the University’s cognizant agency, is the result of cost allocation methodologies that the University uses to allocate its indirect costs to both sponsored and nonsponsored activities. • During the year ended June 30, 2025, the University charged facilities and administrative costs using ONR-approved fixed rates.
The balance of loans outstanding under the Federal Perkins Loan Program at June 30, 2025 were as follows:
During the year ended June 30, 2025, the University processed $38,325,864 of new loans under the Federal Direct Loan Program, which have been included in the accompanying Schedule. The University is responsible only for the performance of certain administrative duties in connection with this loan program and, accordingly, the value of these loans is not reflected in the University’s consolidated financial statements, and it is not practical to determine the balance of loans outstanding to students of the University under this program.