Audit 397376

The accompanying schedule of expenditures of federal awards (“the Schedule”) presents the federal grant activity of NYU and is presented on the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and therefore, some amounts may differ from amounts presented in, or used in the preparation of NYU’s consolidated financial statements. Negative amounts represent adjustments or credits to amounts reported as expenditures in prior years arising out of the normal course of business. Assistance Listing Numbers (“ALN”) and pass-through numbers are provided when available. The research expenditures for direct costs are recognized using the cost accounting principles contained in OMB Circular A-21, Cost Principles for Educational Institutions, and OMB Uniform Guidance. Under those cost principles, certain types of expenditures are not allowed for reimbursement. In addition, expenditures include a portion of costs associated with general NYU activities (facilities and administrative) which are allocated to federal awards under negotiated formulas commonly referred to as facilities and administrative rates (also under the provisions of OMB Circular A-21 and OMB Uniform Guidance, where applicable). As described in Note 2, NYU, with the exception of NYU Langone Hospitals, does not use the 10% or 15% de-minimis indirect cost rate, as applicable, for sponsored programs.

The University had predetermined facilities and administrative cost rates for the year ended August 31, 2025, under a rate agreement with the Department of Health and Human Services (“DHHS”), the University’s federal cognizant agency. The base rate for on-campus research was 61% for the year ended August 31, 2025. The base rate for off-campus research was 26% for the year ended August 31, 2025. NYUGSoM and NYU Long Island School of Medicine had predetermined facilities and administrative cost rates for the fiscal year ended August 31, 2025, under separate rate agreements with the DHHS, their federal cognizant agency. The NYUGSoM base rates for on-campus and off-campus research, respectively, were 69.5% and 26% for the year ended August 31, 2025. The NYU Long Island School of Medicine base rates for on-campus and off-campus research, respectively, were 54% and 17% for the year ended August 31, 2025.

NYU administers and accounts for all aspects of the campus-based student loan programs. Accordingly, NYU’s consolidated financial statements include all activity related to these programs. The amount of loans outstanding under each of these programs at August 31, 2025 are presented below. With respect to the Federal Direct Loan Program, NYU is only responsible for the performance of certain administrative duties. Therefore, the transactions and the balances of loans outstanding related to this program are not included in NYU’s consolidated financial statements. The Schedule includes the loans issued to NYU students during the year ended August 31, 2025. The administrative cost allowance for the Pell Grant Program of $31,985 and for the Federal Work Study Program of $674,508 have been included in the schedule of expenditures of federal awards. NYU did not receive an administrative cost allowance from the Perkins Loan Program (ALN 84.038) for the year ended August 31, 2025.

For the year ended August 31, 2025, NYU recorded $109,945,949 of claims to FEMA under Federal ALN 97.036. The claims submitted represented eligible capital and operating expenses attributed to NYU’s response to COVID-19, which were expended in previous periods but approved by the federal and state agencies in the current year. NYU has additional claims outstanding and under review with FEMA related to COVID-19 as of August 31, 2025 which will be recognized in the year the related funds are approved by FEMA at the federal and state agencies.