Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) summarizes the expenditures of the University of Rochester and its related entities (the “University”) under programs of the federal government for the year ended June 30, 2025. The information in the Schedule is presented on the accrual basis of accounting, which is 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). Because the Schedule presents only the federal award activity of the University, it is not intended to and does not present the financial position, changes in net assets and cash flows of the University. For purposes of the Schedule, federal awards include all grants, contracts and similar agreements entered directly between the University and agencies and departments of the federal government and all sub-awards to the University by nonfederal organizations pursuant to federal grants, contracts, and similar agreements. Negative numbers in the Schedule represent adjustments to amounts reported in prior years in the normal course of business. Federal Assistance listing numbers and pass-through numbers are provided when available.
The University had predetermined facilities and administrative cost rates for the year ended June 30, 2025, under a rate agreement with the Department of Health and Human Services, the University’s federal cognizant agency. The base rate for on-campus research was 51.0% for fiscal year 2025. The base rate for off-campus research was 24.0% for fiscal 2025, and the base rate for modified off-campus research was 27.0% for fiscal 2025. The University does not utilize the 10% or 15% de minimis cost rate, as applicable, described in section 200.414 of Uniform Guidance.
The Federal Perkins Loan Program and the Federal Nursing Student Loan Program are administered directly by the University and balances and transactions relating to these programs are included in the University’s consolidated financial statements. The amount of Federal Perkins loans and Federal Nursing Student loans outstanding on June 30, 2025, totaled $2,090,223 and $657,326, respectively. 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 University applied for reimbursement of certain expenses related to the COVID-19 pandemic under Assistance Listing number 97.036, FEMA Disaster Grants - Public Assistance (Presidentially Declared Disasters) through the New York State Division of Homeland Security and Emergency Services. Expenditures are reflected in the Schedule in the year in which a project application is obligated. The Schedule includes $27,806,211 of expenditures which were obligated in fiscal year 2025 and incurred prior to fiscal year 2025, and therefore represents a reconciling item between the federal expenses in the University’s consolidated financial statements and the amount included on the Schedule.