Notes to SEFA
The accompanying schedules of expenditures of federal awards and Florida state financial assistance (the Schedules) include the federal and Florida state grant activity of Mayo Clinic under programs of the federal and Florida state government for the year ended December 31, 2025. The information in the Schedules 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), and Chapter 10.650, Rules of the Auditor General of the State of Florida. Because the Schedules only present a selected portion of the operations of Mayo Clinic, they are not intended to, and do not, present the financial position, results of operations, or cash flows of Mayo Clinic. Expenditures reported in the Schedules are reported on the cash basis of accounting, except for the Student Financial Assistance Cluster, which are reported on the accrual basis of accounting. Under the cash basis, expenditures are recognized when paid rather than when the obligation is incurred. Such expenditures are reported following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts reported on the Schedules represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
Indirect cost rates for Mayo Clinic were based on applicable U.S. Department of Health and Human Services (HHS) negotiated rates, the 10% de minimis indirect cost rate allowed by the Uniform Guidance, or sponsor-specific (capped) rates.
The Supportive Housing for the Elderly, Section 202 Direct Loan (Assistance Listing No. 14.157) is considered a federal award until the outstanding balance is paid in full. At December 31, 2025, Bloomer Lakeview, Inc.’s outstanding balance is $30,147. During the year, Mayo Clinic expended $16,605,252 in Federal Direct Student Loans (Assistance Listing No. 84.268), which includes Direct Stafford Loan and Parent Loan for Undergraduate Students from the federal government. The federal government is responsible for billings and collections of the loans. Mayo Clinic assists the federal government by processing the applications and applying funds to student accounts from the federal government. Since the federal government administers this program, new loans made in the fiscal year ended December 31, 2025, related to Federal Direct Student Loans are considered current year federal expenditures, whereas the outstanding loan balances are not.