Boston College
Report on Federal Awards in Accordance With
OMB Circular A-133
May 31, 2015
EIN: 04-2103545
Boston College
Report on Federal Awards in Accordance With OMB Circular A-133
Index
May 31, 2015
Page(s)
Part I – Consolidated Financial Statements and Schedule of Expenditures of Federal Awards
Independent Auditor’s Report ................................................................................................................. 1–2
Consolidated Financial Statements ............................................................................................................................. 3–17
Schedule of Expenditures of Federal Awards .....................................................................................18–26
Notes to Schedule of Expenditures of Federal Awards.............................................................................................. 27–29
Part II – Reports on Internal Control and Compliance
Independent Auditor’s Report on Internal Control Over Financial Reporting and on
Compliance and Other Matters Based on an Audit of Financial Statements
Performed in Accordance with Government Auditing Standards ......................................................... 30–31
Independent Auditor’s Report on Compliance with Requirements
That Could Have a Direct and Material Effect on Each Major Program and on
Internal Control Over Compliance in Accordance with OMB Circular A-133 ....................................32–33
Part III – Audit Findings and Questioned Costs
Schedule of Findings and Questioned Costs ....................................................................................... 34–35
Status of Prior Year Audit Findings .........................................................................................................................................36
Part I
Consolidated Financial Statements and Schedule of
Expenditures of Federal Awards
Independent Auditor’s Report
To the Trustees of Boston College:
Report on the Consolidated Financial Statements
We have audited the accompanying consolidated financial statements of Boston College (the
“University”), which comprise the consolidated statements of financial position as of May 31, 2015 and
2014, the related consolidated statement of activities for the year ended May 31, 2015 and the related
consolidated statements of cash flows for the years ended May 31, 2015 and 2014, and the related notes
to the financial statements.
Management’s Responsibility for the Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of the consolidated financial
statements in accordance with accounting principles generally accepted in the United States of America;
this includes the design, implementation and maintenance of internal control relevant to the preparation
and fair presentation of consolidated financial statements that are free from material misstatement,
whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on the consolidated financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards
issued by the Controller General of the United States. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the consolidated financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the consolidated financial statements. The procedures selected depend on our judgment, including the
assessment of the risks of material misstatement of the consolidated financial statements, whether due to
fraud or error. In making those risk assessments, we consider internal control relevant to the University’s
preparation and fair presentation of the consolidated financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on
the effectiveness of the University’s internal control. Accordingly, we express no such opinion. An audit
also includes evaluating the appropriateness of accounting policies used and the reasonableness of
significant accounting estimates made by management, as well as evaluating the overall presentation of
the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Suite 500, Boston, MA 02210
T: (617) 530 5000, F: (617) 530 5001, www.pwc.com/us
Opinion
In our opinion, the consolidated financial statements referred to above present fairly, in all material
respects, the consolidated financial position of Boston College as of May 31, 2015 and 2014, the changes
in its net assets for the year ended May 31, 2015 and its cash flows for the years ended May 31, 2015 and
2014 in accordance with accounting principles generally accepted in the United States of America.
Other Matter
We have previously audited Boston College’s 2014 consolidated financial statements, and we expressed
an unmodified audit opinion on those audited consolidated financial statements in our report dated
September 26, 2014. In our opinion, the summarized comparative information presented herein as of and
for the year ended May 31, 2014 is consistent, in all material respects, with the consolidated audited
financial statements from which it has been derived.
Schedule of Expenditures of Federal Awards
Our audit was conducted for the purpose of forming an opinion on the consolidated financial statements
as a whole. The accompanying schedule of expenditures of federal awards for the year ended May 31,
2015 is presented for purposes of additional analysis as required by Office of Management and Budget
Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations and is not a required
part of the consolidated financial statements. Such information is the responsibility of management and
was derived from and relates directly to the underlying accounting and other records used to prepare the
consolidated financial statements. The information has been subjected to the auditing procedures applied
in the audit of the consolidated financial statements and certain additional procedures, including
comparing and reconciling such information directly to the underlying accounting and other records used
to prepare the consolidated financial statements or to the consolidated financial statements themselves,
and other additional procedures in accordance with auditing standards generally accepted in the United
States of America. In our opinion, the schedule of expenditures of federal awards is fairly stated, in all
material respects, in relation to the consolidated financial statements as a whole.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated September 25,
2015 on our consideration of the University’s internal control over financial reporting and on our tests of its
compliance with certain provisions of laws, regulations, contracts and grant agreements and other matters
for the year ended May 31, 2015. The purpose of that report is to describe the scope of our testing of
internal control over financial reporting and compliance and the results of that testing and not to provide
an opinion on internal control over financial reporting or on compliance. That report is an integral part of
an audit performed in accordance with Government Auditing Standards in considering the University’s
internal control over financial reporting and compliance.
September 25, 2015
2
Boston College
Consolidated Statement of Financial Position
As of May 31, 2015 and 2014
(in thousands)
2015
Assets
Short-term investments
Accounts receivable, net (Note B)
Contributions receivable, net (Note C)
Notes and other receivables, net (Note B)
Investments (Note D)
Funds held by trustees (Note D)
Other assets
Property, plant and equipment, net (Note F)
Total assets
Liabilities
Accounts payable
Accrued liabilities
Deposits payable and deferred revenues
Bonds and mortgages payable, net (Note G)
U.S. Government loan advances
$
10,038
37,141
159,508
57,700
2,648,195
21,792
6,508
1,329,389
$
6,815
31,845
154,892
59,260
2,542,442
43,163
7,018
1,249,151
$
4,270,271
$
4,094,586
$
5,276
189,171
31,133
930,783
35,995
$
5,803
181,963
28,971
951,437
35,832
Total liabilities
Net Assets
Unrestricted (Note H)
Temporarily restricted (Note H)
Permanently restricted (Note H)
Total net assets
Total liabilities and net assets
2014
$
1,192,358
1,204,006
1,524,374
642,477
911,062
1,466,625
592,064
831,891
3,077,913
2,890,580
4,270,271
$
4,094,586
The accompanying notes are an integral part of these consolidated financial statements.
3
Boston College
Consolidated Statement of Activities
Year Ended May 31, 2015
(with summarized financial information for the Year Ended May 31, 2014)
(in thousands)
Temporarily
Restricted
Unrestricted
Operating
Revenues and other support
Tuition and fees before student aid
Auxiliary enterprises before student aid
Sponsored research and other programs
Government financial aid programs
Sales and services
Other revenues
Nonoperating assets utilized or released from
restrictions for operations
$
Total revenues and other support before student aid
Student aid applicable to tuition and fees
Student aid applicable to auxiliary enterprises
Net revenues
Expenses
Instruction
Academic support
Research
Student services
Public service
General administration
Auxiliary enterprises
Total expenses
Increase in net assets from operating activities
Nonoperating
Contributions
Realized and unrealized investment gains (losses), net
Investment income, net
Other (losses) gains, net
Nonoperating assets utilized or released from restrictions
for operations
Net assets reclassified or released from restrictions
$
-
-
$
2014
Total
559,943
165,176
42,932
4,697
5,064
11,354
$
534,540
152,498
45,335
4,649
5,015
9,601
-
-
111,561
900,727
-
-
900,727
862,379
(161,883)
(5,775)
-
-
(161,883)
(5,775)
(155,025)
(4,640)
733,069
-
-
733,069
702,714
282,393
67,408
34,692
55,960
3,512
119,460
169,517
-
-
282,393
67,408
34,692
55,960
3,512
119,460
169,517
264,396
63,379
35,927
54,054
3,353
117,979
163,504
732,942
-
-
732,942
702,592
127
-
-
127
122
56,444
89,739
2,881
(4,060)
(28,092)
10,491
(83,469)
(11,122)
Increase in net assets from
nonoperating activities
57,622
50,413
Total increase in net assets
57,749
50,413
1,466,625
$
$
2015
Total
111,561
5,427
65,337
5,178
(719)
Net assets
Beginning of year
End of year
559,943
165,176
42,932
4,697
5,064
11,354
Permanently
Restricted
1,524,374
83,083
(2,947)
87
(1,683)
642,477
144,954
152,129
8,146
(6,462)
99,490
246,010
4,318
(17,982)
(111,561)
-
(110,741)
-
79,171
187,206
221,095
79,171
187,333
221,217
631
592,064
$
831,891
$
110,741
911,062
2,890,580
$
3,077,913
2,669,363
$
The accompanying notes are an integral part of these consolidated financial statements.
4
2,890,580
Boston College
Consolidated Statement of Cash Flows
Years Ended May 31, 2015 and 2014
(in thousands)
2015
Cash flows from operating activities
Total increase in net assets
Adjustments to reconcile change in net assets to short-term
investments used in operating activities
Depreciation, amortization and accretion
Allowance for uncollectible contributions
Discount on contributions
Net (gain) loss on retirement or disposal of property, plant and equipment
Contributions of property and equipment
Loan cancellations
Contributed securities
Proceeds from sale of contributed securities
Realized and unrealized investment (gains) losses, net
Debt extinguishment gain
Cash premium received upon issuance of bonds
Change in assets and liabilities
Accounts receivable, net
Notes and other receivables
Contributions receivable
Accounts payable and accrued liabilities
Deposits payable and deferred revenue
Other assets
Contributions to be used for long-term investment
$
Net short-term investments used in operating activities
Cash flows from investing activities
Proceeds from sales of investments
Purchases of investments
Student loans granted
Student loans collected
Purchases of property, plant and equipment
Change in funds held by trustees
Net short-term investments used in investing activities
Cash flows from financing activities
Proceeds from issuance of debt
Retirement of debt
Payment of bonds and mortgages payable
Change in U.S. Government loan advances
Payments to beneficiaries of split interest agreements
Debt issuance costs
Proceeds from sale of contributed securities
Contributions to be used for long-term investment
Net short-term investments provided by financing activities
Net change in short-term investments
Short-term investments
Beginning of year
End of year
Supplemental data
Interest paid, net of amounts capitalized
Change in asset retirement obligations recognized
Net fixed asset recognized related to asset retirement obligation
Contributed securities
187,333
2014
$
59,501
(2,922)
(1,613)
(177)
(315)
1,069
(18,493)
5,429
(152,129)
-
53,783
(587)
243
5,153
(821)
1,019
(18,405)
2,640
(246,010)
(610)
13,777
(5,296)
551
(81)
(970)
2,162
510
(96,769)
(3,231)
315
22,039
17,803
(568)
324
(80,764)
(22,210)
(12,683)
1,117,655
(1,069,877)
(6,277)
6,217
(133,589)
21,371
797,534
(956,537)
(6,636)
5,591
(108,640)
(21,172)
(64,500)
(289,860)
(18,661)
163
(1,402)
13,064
96,769
323,505
(94,420)
(17,751)
209
(1,425)
(2,088)
15,765
80,764
89,933
304,559
3,223
2,016
6,815
4,799
$
10,038
$
6,815
$
40,129
(1,322)
18,493
$
37,214
278
535
18,405
The accompanying notes are an integral part of these consolidated financial statements.
5
221,217
Boston College
Notes to Consolidated Financial Statements
May 31, 2015 and 2014
A.
Accounting Policies
The accompanying consolidated financial statements include certain other entities under the
financial control of Boston College, including Boston College Ireland, Ltd. (“BCI”) which is a nonprofit entity established as an institute of education in the Republic of Ireland.
Boston College and entities included herein are referred to individually and collectively as
the “University.”
The significant accounting policies followed by the University are set forth below and in other
sections of these notes.
Basis of Presentation
The accompanying financial statements have been prepared on the accrual basis with net assets,
revenues, expenses, gains, and losses classified into three categories based on the existence or
absence of externally imposed restrictions. The net assets of the University are classified and
defined as follows:
Unrestricted
Net assets that are not subject to donor-imposed stipulations. Unrestricted net assets may be
designated for specific purposes by action of the Board of Trustees.
Temporarily Restricted
Net assets where use is limited by law or donor-imposed stipulations that will either expire with the
passage of time or be fulfilled or removed by actions of the University.
Permanently Restricted
Reflects the historical value of contributions (and in certain circumstances investment returns from
those contributions), subject to donor-imposed stipulations, which require the corpus to be invested
in perpetuity to produce income for general or specific purposes.
Revenues are reported as increases in unrestricted net assets unless use of the related assets is
limited by donor-imposed restrictions. Expenses are reported as decreases in unrestricted net
assets. Realized and unrealized gains and losses on investments are reported as increases or
decreases in unrestricted net assets unless their use is restricted by explicit donor stipulation or by
law.
Nonoperating Activity
Nonoperating activity includes all contributions, investment income, gains and losses on
investments, gains and losses on postretirement healthcare benefits, unfulfilled promises to give,
gains and losses on sale or disposal of property, gains on debt extinguishment, foreign currency
translation, and life income adjustments. All other activity is classified as operating revenue or
expense.
To the extent contributions, investment income, and gains are used for operations, they are
reclassified as “nonoperating assets utilized or released from restrictions for operations.”
Expirations of temporary restrictions on net assets or other clarifications from donors are presented
as “net assets reclassified or released from restrictions.”
6
Boston College
Notes to Consolidated Financial Statements
May 31, 2015 and 2014
Contributions
Contributions, including unconditional promises to give, are recognized as unrestricted, temporarily
restricted, or permanently restricted revenues in the year received. Contributions receivable are
recorded at the present value of expected future cash flows, net of an allowance for estimated
unfulfilled promises to give. Conditional promises to give are not recognized until the conditions on
which they depend are substantially met. Contributions of noncash assets are recorded at fair
market value.
Contributions and investment return with donor-imposed restrictions, which are reported as
temporarily restricted revenues, are released to unrestricted net assets when an expense is
incurred that satisfies the restriction.
Contributions restricted for the purchase of property, plant and equipment are reported as
nonoperating temporarily restricted revenues and are released to unrestricted net assets upon
acquisition of the assets or when the asset is placed into service.
Contributions received for which the designation is pending by the donor are classified as
temporarily restricted net assets. Once a designation is made by the donor, the contributions are
reclassified to the appropriate net asset category as part of “net assets reclassified or released
from restrictions.”
Sponsored Activities
Revenues associated with research and other contracts and grants are recognized when related
costs are incurred. Facilities and administrative cost recovery on U.S. Government contracts and
grants is based upon a predetermined negotiated rate and is recorded as unrestricted revenue.
Fundraising Activities
Expenses incurred in carrying out the fundraising activities of the University, which amounted to
$20,956,000 and $19,864,000 for the years ended May 31, 2015 and 2014, respectively, are
included primarily in the general administration expense category on the consolidated statement of
activities.
Investments
Short-term investments consist of cash and cash equivalents, operating funds deposited in cash
management accounts, and other investments with maturities at the time of purchase of 90 days or
less, and are carried at market value. Cash and cash equivalents held in the investment portfolio
are excluded from short-term investments.
Investment transactions are recorded on the trade date, realized gains and losses are recorded
using the weighted average basis, and dividend income is recorded on the ex-dividend date.
Split-Interest Agreements
The University has split-interest agreements consisting primarily of charitable gift annuities, pooled
income funds, charitable remainder trusts, and charitable lead trusts. Split-interest agreements
which are included in investments amount to $36,013,000 and $30,162,000 as of May 31, 2015
and 2014, respectively. Contributions are recognized at the date the trusts are established net of a
liability for the present value of the estimated future cash outflows to beneficiaries. The present
value of payments is discounted with rates that range from 1.2% to 10.6%. The liability of
$13,460,000 and $12,666,000 as of May 31, 2015 and 2014, respectively, is adjusted during the
term of the agreement for changes in actuarial assumptions.
7
Boston College
Notes to Consolidated Financial Statements
May 31, 2015 and 2014
Use of Estimates
The preparation of consolidated financial statements in accordance with generally accepted
accounting principles (GAAP) in the United States of America requires management to make
estimates and assumptions that affect the reported amounts of assets and liabilities at the date of
the consolidated financial statements and the reported amounts of revenues and expenses during
the period. Actual results could differ from those estimates.
Income Taxes
The University is a qualified tax-exempt organization under section 501(c)(3) of the Internal
Revenue Code.
Recent Accounting Pronouncements
The University adopted Accounting Standards Update (ASU) 2012-05, Not-for-Profit Entities:
Classification of the Sale of Proceeds of Donated Financial Assets in the Statement of Cash Flows,
which addresses the classification of the sale of donated securities in the Statement of Cash Flows.
This pronouncement requires that the sale of donated securities that are received and immediately
sold, are reported within the Statement of Cash Flows as an operating activity. If there are
restrictions on the use of the contributed securities for long-term purposes, they are reported within
the Statement of Cash Flows as a financing activity.
The University also adopted ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs,
which requires debt issuance costs related to a debt liability be recognized as a direct reduction to
the carrying amount of the debt liability.
The University also adopted ASU 2015-07, Disclosures for Certain Entities That Calculate Net
Asset Value per Share (or its Equivalent), which removes the requirement to categorize within the
fair value hierarchy all investments for which fair value is measured using net asset value per share
as the practical expedient.
The adoption of ASU 2012-05, ASU 2015-03 and ASU 2015-07 did not have a material effect on
the University’s Consolidated Financial Statements.
Prior Year Summarized Information
The consolidated financial statements include certain prior year summarized comparative
information, but do not include sufficient detail to constitute a presentation in conformity with GAAP.
Accordingly, such information should be read in conjunction with the University’s audited financial
statements for the year ended May 31, 2014, from which the summarized information was derived.
Subsequent Events
The University has assessed the impact of subsequent events through September 25, 2015, the
date the audited consolidated financial statements were issued, and concluded there were no such
events that require adjustment to the audited consolidated financial statements or disclosure in the
notes to the audited consolidated financial statements.
Reclassifications
Certain amounts in the 2014 consolidated financial statements have been reclassified to conform to
the 2015 presentation.
8
Boston College
Notes to Consolidated Financial Statements
May 31, 2015 and 2014
B.
Accounts, Notes and Other Receivables
Accounts receivable and notes receivable are stated net of allowances for doubtful accounts. As of
May 31, 2015 and 2014, the allowance related to accounts receivable is $3,253,000 and
$3,079,000, respectively.
Notes and other receivables consist of amounts due from students under U.S. Government
sponsored loan programs and from the Weston Jesuit Community, Inc. under a ground lease
agreement. As of May 31, 2015 and 2014, the amount due under the U.S. Government sponsored
loan program is $41,660,000 and $42,685,000, respectively. The notes receivable due from
students under U.S. Government sponsored loan programs are subject to significant restrictions
and, accordingly, it is not practicable to determine the fair value of such amounts. As of May 31,
2015 and 2014, the allowance related to student notes receivable is $1,140,000 and $920,000,
respectively.
C.
Contributions Receivable
Contributions receivable are summarized as follows as of May 31:
(in thousands)
2015
Unconditional promises scheduled to be collected in
Less than one year
Between one year and five years
More than five years
Less: Discount and allowance for unfulfilled promises to give
Contributions receivable, net
2014
$
76,526
100,907
1,543
(19,468)
$
72,672
103,544
2,679
(24,003)
$
159,508
$
154,892
A present value discount of $6,580,000 and $8,193,000 as of May 31, 2015 and 2014, respectively,
has been calculated using discount factors that approximate the risk and expected timing of future
contribution payments.
The University has reflected contributions received during fiscal 2015 and 2014 at fair value as
determined in accordance with fair value accounting guidance.
Conditional promises of $42,051,000 and $76,690,000 as of May 31, 2015 and 2014, respectively,
are not recorded in the consolidated financial statements.
D.
Investments
Investments are stated at fair value and include accrued income. The value of publicly traded
securities is based upon quoted market prices and net asset values. Other securities, for which no
such quotations or valuations are readily available, are carried at fair value as estimated by
management using values provided by external investment managers or appraisers. Management
has established procedures in place to evaluate and monitor third party valuations, including
regular communication with fund managers, the review of partnership financial statements and
monthly performance metrics, prior to investment and on a regular basis going forward. The
University believes that these valuations are a reasonable estimate of fair value as of May 31, 2015
and 2014, but are subject to uncertainty and, therefore, may differ from the value that would have
been used had a ready market for the investments existed.
9
Boston College
Notes to Consolidated Financial Statements
May 31, 2015 and 2014
Included in the investment balances and investment return amounts, which follow, are funds held
by trustees consisting principally of investments in United States Government obligations. These
funds are maintained by the University to meet the requirements of certain licensing, secured note,
and bond agreements, and as of May 31, 2015 and 2014, include $13,185,000 and $29,103,000,
respectively, of construction funds held by trustees associated with certain University bond issues
that will be drawn down to fund various capital projects.
Investments, including funds held by trustees, consist of the following as of May 31:
(in thousands)
2015
Cost
Equities
Fixed income
Real assets
2014
Market
Cost
Market
$
1,348,625
577,741
103,760
$
1,993,441
576,422
100,124
$
1,263,511
631,435
93,754
$
1,859,819
633,773
92,013
$
2,030,126
$
2,669,987
$
1,988,700
$
2,585,605
Equities include common stock, mutual funds, commingled funds and limited partnership interests.
Fixed income includes money market funds, treasury and agency securities. Real assets include
limited partnership interests and real estate.
A three level hierarchy of valuation inputs has been established based on the extent to which the
inputs are observable in the marketplace. Level I is considered observable based on inputs such
as quoted prices in active markets. Level II is considered observable based on inputs, other than
quoted prices in active markets, and Level III is considered unobservable.
As of May 31, 2015, the University’s investments include $983,643,000 of Level I equities,
$560,694,000 of Level I fixed income securities, $9,721,000 of Level II fixed income securities and
$6,007,000 of Level III fixed income securities. Excluded from the fair value hierarchy at May 31,
2015 are $1,009,798,000 of equities and $67,836,000 of real assets for which fair value is
measured at net asset value per share using the practical expedient. Also excluded from the fair
value hierarchy at May 31, 2015 are $32,288,000 of real estate investments valued at cost.
As of May 31, 2014, the University’s investments include $888,026,000 of Level I equity securities,
$620,532,000 of Level I fixed income securities, $9,970,000 of Level II fixed income securities and
$3,271,000 of Level III fixed income securities. Excluded from the fair value hierarchy at May 31,
2014 are $971,793,000 of equities and $60,138,000 of real assets for which fair value is measured
at net asset value per share using the practical expedient. Also excluded from the fair value
hierarchy at May 31, 2014 are $31,875,000 of real estate investments valued at cost.
As of May 31, 2015, $20,285,000, $9,721,000 and $6,007,000 of split interest agreements are
included in Level I, Level II and Level III, respectively. As of May 31, 2014, $16,921,000,
$9,970,000 and $3,271,000 of split interest agreements are included in Level I, Level II and
Level III, respectively.
10
Boston College
Notes to Consolidated Financial Statements
May 31, 2015 and 2014
The fair values of limited partnerships are represented by the net asset value of the partnership.
The objective of these investments is to generate long term returns significantly higher than public
equity markets on a risk adjusted basis. Redemption terms for those investments valued at net
asset value consist of the following as of May 31, 2015 and 2014, respectively:
(in thousands)
2015
Redemption Terms
Within 30 Days
Quarterly
30-90 days prior written notice
Semi-Annually, Annually
30-180 days prior written notice
1-5 years
6-10 years
Fixed
Income
Equities
$
181,218
$
Real
Assets
-
$
Total
-
$
181,218
88,727
-
-
88,727
415,890
271,917
52,046
-
37,428
30,408
415,890
309,345
82,454
Total
1,009,798
-
67,836
1,077,634
Level 1 securities
Other investments
983,643
-
560,694
15,728
32,288
1,544,337
48,016
Total investments
$
1,993,441
$
576,422
(in thousands)
100,124
$
2,669,987
2014
Redemption Terms
Within 30 Days
Quarterly
30-90 days prior written notice
Semi-Annually, Annually
30-180 days prior written notice
1-5 years
6-10 years
$
Fixed
Income
Equities
$
177,316
$
Real
Assets
-
$
Total
-
$
177,316
100,812
-
-
100,812
414,843
250,468
28,354
-
42,339
17,799
414,843
292,807
46,153
Total
971,793
-
60,138
1,031,931
Level 1 securities
Other investments
888,026
-
620,532
13,241
31,875
1,508,558
45,116
Total investments
$
1,859,819
$
633,773
$
92,013
$
2,585,605
The University is committed to invest in private equity investments up to an additional amount of
$166,900,000 and $172,300,000 as of May 31, 2015 and 2014, respectively.
The University recognized net realized and unrealized gains of $152,129,000 and investment
income of $8,146,000, net of investment advisory fees of $16,945,000, for the year ended May 31,
2015.
The University recognized net realized and unrealized gains of $246,010,000 and investment
income of $4,318,000, net of investment advisory fees of $15,592,000, for the year ended May 31,
2014.
11
Boston College
Notes to Consolidated Financial Statements
May 31, 2015 and 2014
E.
Endowment
The net assets associated with the University’s endowment funds are classified in accordance with
relevant state law as interpreted by the Board of Trustees. These classifications are unrestricted,
temporarily restricted, and permanently restricted based on the existence or absence of
donor-imposed restrictions. Unrestricted net assets include Board-designated funds, and any
accumulated income and appreciation thereon. Temporarily restricted net assets include
contributions not yet designated by donors and accumulated appreciation on temporarily and
permanently restricted funds. Permanently restricted net assets include contributions designated
by donors to be invested in perpetuity to produce income for general or specific purposes.
The long-term performance objective of the endowment portfolio is to attain an average annual
total return that exceeds the University’s spending rate plus inflation within acceptable levels of risk
over a full market cycle. To achieve its long-term rate of return objectives, the University relies on
a total return strategy in which investment returns are achieved through both capital appreciation
and current yield.
The University has a spending policy for its donor restricted endowment, as approved by the
University’s Board of Trustees, that aims to provide a stable and predictable source of funding for
the University’s academic and strategic initiatives and also to protect the real value of the
endowment over time. Under this policy the amount that can be expended for current operations is
a weighted average based on two components; prior year spending adjusted for an inflationary
factor, and 5% of a twelve quarter moving average of market values.
As of May 31, 2015 and 2014, there were no endowment funds with a market value less than
historical value.
F.
Property, Plant and Equipment
The physical plant assets of the University are stated at cost on the date of acquisition or at fair
market or appraised value on the date of donation in the case of contributions. Physical plant
assets consist of the following as of May 31:
(in thousands)
2015
Land and improvements
Buildings
Equipment
Library books
Rare book and art collections
Purchase options
Plant under construction
$
Property, plant and equipment, gross
260,310
1,351,695
229,853
187,295
22,863
2,855
82,542
2014
$
2,137,413
Accumulated depreciation/amortization
2,002,205
(808,024)
Property, plant and equipment, net
12
$
1,329,389
248,987
1,239,313
218,615
178,417
22,310
2,855
91,708
(753,054)
$
1,249,151
Boston College
Notes to Consolidated Financial Statements
May 31, 2015 and 2014
Annual provisions for depreciation of physical plant assets are computed on a straight-line basis
over the expected useful lives of the individual assets, averaging 20 years for land improvements,
25-60 years for buildings, and 2-15 years for equipment. Depreciation for the years ended May 31,
2015 and 2014 amounted to $57,719,000 and $51,796,000, respectively, and is allocated to
functional expense categories on the statement of activities based on square foot usage
calculations.
Library books are amortized over 50 years. Amortization amounted to $3,746,000 and $3,568,000
for the years ended May 31, 2015 and 2014, respectively. Rare book and art collections are
reflected at historical cost and are not amortized.
Maintenance and repairs are expensed as incurred, and improvements are capitalized. When
assets are retired or disposed of, the cost and accumulated depreciation thereon are removed from
the accounts, and gains or losses are included in the statement of activities. The University retired
or disposed of $7,192,000 and $14,911,000 in gross plant assets for the years ended May 31,
2015 and 2014, respectively.
Property, plant and equipment additions of $20,215,000 and $11,686,000 included in accrued
liabilities are reflected as a noncash item in the statement of cash flows for the years ended
May 31, 2015 and 2014, respectively.
The University recognized $443,000 and $407,000 of operating expenses relating to the accretion
of liabilities associated with the retirement of long-lived assets, for the years ended May 31, 2015
and 2014, respectively. Conditional asset retirement obligations of $7,627,000 and $8,506,000 as
of May 31, 2015 and 2014, respectively, are included in accrued liabilities.
The University has commitments of $102,396,000 to complete various capital projects as of
May 31, 2015.
13
Boston College
Notes to Consolidated Financial Statements
May 31, 2015 and 2014
G.
Bonds and Mortgages Payable
Bonds and mortgages payable consist of the following as of May 31:
(in thousands)
2015
Massachusetts Health and Educational Facilities Authority (MHEFA)
Boston College Issues (fixed rate)
Series K, 5.38%
Series M, 5.00 - 5.50%, due 2023 - 2035
$
134,285
2014
$
5,205
134,285
Massachusetts Development Finance Agency (MDFA)
Boston College Issues (fixed rate)
Series P, 4.75 - 5.00%, due 2019-2042
Series Q, 4.00 - 5.00%, due 2015-2029
Series R, 4.00 - 5.00%, due 2015-2040
Series S, 4.00 - 5.00%, due 2015-2038
176,980
76,640
173,290
140,220
176,980
80,810
179,610
142,475
Trustees of Boston College (fixed rate)
Taxable Bonds, Series 2013, 0.73 - 5.09%, due 2015-2043
181,030
181,030
5,210
529
5,755
695
Bonds and mortgages payable, par
888,184
906,845
Net unamortized original bond issue premium
47,673
49,886
Unamortized debt issuance cost
(5,074)
(5,294)
Department of Education (fixed rate)
Library building bonds, 3.41%, due 2015 - 2022
Secured note, 3.00%, due 2015 - 2018
Bonds and mortgages payable, net
$
930,783
$
951,437
The Department of Education building bonds are collateralized by a mortgage on the O’Neill Library
and the secured note is collateralized by funds held by trustees.
As of May 31, 2015, principal payments due on all long-term bonds and mortgages payable are as
follows: 2016 - $25,271,000; 2017 - $26,256,000; 2018 - $27,367,000; 2019 - $28,580,000, 2020 $29,890,000 and thereafter - $750,820,000.
As of May 31, 2015 and 2014, the estimated fair values of bonds and mortgages payable based on
Level II inputs are $1,049,565,000 and $1,068,414,000, respectively. The fair value of bonds and
mortgages payable is determined by discounting the future cash flows using rates currently
available for instruments with similar maturities.
Interest expense for the years ended May 31, 2015 and 2014 amounted to $37,503,000 and
$38,440,000, respectively. Interest expense has been allocated to the functional expense
categories on the statement of activities based on each functional area’s corresponding use of the
related space or equipment that was constructed or acquired through debt financing. The
University capitalized interest of $3,479,000 and $1,901,000 for the years ended May 31, 2015 and
2014, respectively.
The University has an agreement for a $75,000,000 unsecured line of credit. As of May 31, 2015
and 2014, there was no balance outstanding on the line of credit.
14
Boston College
Notes to Consolidated Financial Statements
May 31, 2015 and 2014
In August 2013, the University issued $142,475,000 of MDFA Series S Revenue Bonds (Series S)
and $181,030,000 of Trustees of Boston College Taxable Bonds Series 2013 (Series 2013). The
proceeds from Series S retired existing debt, are financing the new Student Information System,
and funding other project costs. The proceeds from Series 2013 were used to upgrade St. Mary’s
Hall, and are being used to finance the construction of dormitory facilities and other capital needs.
The University incurred costs of $2,088,000 associated with these issues which have been
capitalized and are being amortized over the life of the bonds, and recognized a net gain on debt
extinguishment of $610,000. The Series S Revenue Bonds were issued with an original issue
premium of $13,777,000 which is being amortized over the life of the bonds.
H.
Net Assets
Net assets consist of the following as of May 31:
(in thousands)
Donor Restricted
Temporarily Restricted
Permanently Restricted
2015
2014
2015
2014
Unrestricted
2015
Endowment net assets,
beginning of year
Board designated
Donor restricted
Contributions
Investment return:
Investment income
Net appreciation (depreciation)
$
Total investment return
Appropriation of endowed assets
for expenditure
Net assets reclassified or released
from restrictions
Other (losses) and gains, net
2014
889,262
-
$
821,521
-
$
477,129
9,706
$
377,932
17,413
$
831,891
83,083
$
781,897
39,783
1,990
65,515
321
109,155
2,807
89,739
516
136,726
87
(2,947)
238
1,399
67,505
109,476
92,546
137,242
(2,860)
1,637
(41,623)
(41,597)
(56,554)
(51,691)
4,183
(5)
(128)
(10)
(6,716)
(506)
(2,947)
(820)
-
-
631
(1,683)
10,139
(1,565)
Endowment net assets, end of year
Board designated
919,322
889,262
141,059
463,993
-
132,847
444,516
-
Donor restricted
Designated for specific purposes
Net investment in plant
Program support
Contributions for plant assets
Student loans
Total net assets
I.
$
1,524,374
$
1,466,625
$
515,605
477,129
911,062
831,891
60,651
65,342
879
54,667
59,403
865
-
-
642,477
$
592,064
$
911,062
$
831,891
Retirement Programs
All eligible full-time personnel may elect to participate in a defined contribution retirement program.
Under the program, the University makes contributions, currently limited to 8-10% of the annual
wages of participants, up to defined limits. Voluntary contributions by participants are made
subject to IRS limitations. The limitation applicable to University contributions is on a combined
plan basis. For the years ended May 31, 2015 and 2014, the University’s contributions to the
retirement program were $23,573,000 and $22,756,000, respectively.
The University provides certain health care benefits for retired employees through either a defined
benefit retirement medical program or a Retirement Medical Savings Account depending upon
certain age and service requirements. Employees will become eligible for this benefit if they reach
retirement while employed by the University. The plan does not hold assets and is funded as
benefits are paid. The estimated future cost of providing postretirement health care benefits is
recognized on an accrual basis over the period of service during which benefits are earned.
15
Boston College
Notes to Consolidated Financial Statements
May 31, 2015 and 2014
The net periodic postretirement health care benefit cost and other changes in plan assets and
benefit obligation recognized in unrestricted net assets were determined as follows for the years
ended May 31:
(in thousands)
2015
Service cost
Interest cost
Amortization of prior service cost
Amortization of loss
$
Net periodic postretirement benefit cost
Net (gain) loss
Amortization of prior service cost
Amortization of loss
Other changes in plan assets and benefit obligation
Total recognized in net periodic benefit cost and
unrestricted net assets
$
3,031
3,255
(757)
391
2014
$
3,329
2,965
(757)
287
5,920
5,824
(3,703)
757
(391)
8,284
757
(287)
(3,337)
8,754
2,583
$
14,578
In fiscal 2016, the prior service cost credit of $757,000 and unrecognized net loss of $410,000 are
expected to be amortized as a component of net periodic postretirement benefit cost.
For measurement purposes, the assumed annual rates of increase for measuring the obligation at
May 31, 2014 and the cost for the year ending May 31, 2015 were: 7.0% in the per capita cost of
covered health care benefits for post-65 benefits and 7.0% in the per capita cost of covered health
care benefits for pre-65 benefits. Both rates were assumed to decrease gradually to 5.00% in 2020
and remain at that level thereafter. The assumed annual rates of increase for measuring the
obligation at May 31, 2015 and the cost for the year ending May 31, 2016 were: 7.50% in the per
capita cost of covered health care benefits for post-65 benefits and 7.0% in the per capita cost of
covered health care benefits for pre-65 benefits. Both rates were assumed to decrease gradually
to 5.00% in 2020 and remain at that level thereafter.
A one percentage point change in the assumed health care cost trend rates would have the
following effect:
(in thousands)
Increase
Effect on total of service and interest cost components
Effect on postretirement benefit obligation
$
1,018
12,157
Decrease
$
(815)
(9,953)
The discount rate used to determine the accumulated benefit obligation is 4.50% as of both
May 31, 2015 and 2014. The discount rate used to determine the net periodic postretirement
benefit cost is also 4.50% as of both May 31, 2015 and 2014.
16
Boston College
Notes to Consolidated Financial Statements
May 31, 2015 and 2014
A reconciliation of the accumulated postretirement benefit obligation and plan assets are as follows
as of May 31:
(in thousands)
2015
Reconciliation of accumulated postretirement
benefit obligation
Benefit obligation, beginning of year
Service cost
Interest cost
Plan participant contributions
Actuarial (gain) loss
Benefits paid
Benefit obligation, end of year
Amounts not yet recognized as a
component of net periodic benefit cost
Prior service cost
Net actuarial loss
2014
$
78,282
3,031
3,255
630
(3,703)
(2,590)
$
65,494
3,329
2,965
529
8,284
(2,319)
$
78,905
$
78,282
$
(1,571)
11,918
$
(2,328)
16,012
$
10,347
$
13,684
As of May 31, 2015 and 2014, the benefit obligation is reflected in accrued liabilities on the
Consolidated Statement of Financial Position.
Expected benefit payments, net of participant contributions, are as follows: 2016 - $2,510,000;
2017 - $2,710,000; 2018 - $2,930,000; 2019 - $3,150,000; 2020 - $3,320,200; and the five fiscal
years thereafter - $20,530,000.
J.
Related Party
The University has mortgages, loans and notes due from various related parties of $22,129,000
and $21,881,000 as of May 31, 2015 and 2014, respectively.
K.
Commitments and Contingencies
The University has several legal cases pending that have arisen in the normal course of its
operations. The University believes that the outcome of these cases will have no material adverse
effect on the financial position of the University.
17
Schedule of Expenditures of Federal Awards
Boston College
Schedule of Expenditures of Federal Awards
Year Ended May 31, 2015
Award Number /
Pass-Through Number
Project Title
Pass-Through Entity
CFDA #
PassThrough
Direct
Total
Research and Development Cluster
Department of Defense
Aircraft Compliant with Certification Regulatory Compliance
Subtotal of 12.
Department of the Air Force
Directionally-Tailored Infrared Emission and/or Transmission
High Speed Direct View Infrared Displays for Panoramic
Scene Generation-Phase II SBIR
Real-Time EDP and TID (RETID) Specification System
Subtotal of 12.
Forecasting the Appearance and Evolution of Ionospheric
Irregularities and Structures - Their Effects on AF Systems
Advanced Optical Technologies: Sensing Techniques for Signature Exploitation
Advanced Data-Driven Specification and Forecast Models for
the Ionosphere-Thermosphere System
A Data-Based Approach for Modeling and Simulating Ionospheric
Scintillation and Its Effects on GPS Performance
Space Environment Applications Technology
Investigation of the Longitudinal Dependence of Ionospheric
Density Distribution and its Driving Mechanisms
Topside Electron Density Profiles from COSMIC
High Performance Computing Applications: Solar Dynamo Model Project 2: Corona
and Heliosphere Component Initialization, Integration and Validation
(MURI-FY'10) Cryogenic Pektier Cooling
Advanced Simulation and Analytical Research to Detect
and Characterize Resident Space Objects
Space Physics and Chemistry Experiments (SPACE)
New DMSP Data Products for Space Weather Modeling and Forecasting
Subtotal of 12.800
Department of the Navy
Experiments on STEREO
Calibrating Space Based UB Sensors with Incoherent
Determination of HF Propagation Prediction Using GPS
Thermal Transport in Novel Semiconductors and Nanomaterials from First Principles
Exploration of Metamaterials for THZ Detection & Imaging Spatial
Light Modulation and Compressive Sensing
Subtotal of 12.300
Defense Threat Reduction Agency
New Organic Scintillators for Neuron Detection
Subtotal of 12.351
12.
ARI 10916-1
Aerodyne Research, Inc.
SMXB-FA9453-13-C-0005
12.
12.
SensorMetriX
SMXBFA865113C0161
LDI20140813-1
12.
12.
SensorMetrix
Lowell Digisonde International, LLC
$
-
-
$
16,587
16,587
$
16,587
16,587
2,080
2,080
8,578
38,897
49,555
8,578
38,897
49,555
FA8718-09-C-0041
FA9453-12-C-0140
12.800
12.800
392,711
133,200
392,711
133,200
FA9453-12-C-0205
12.800
100,525
100,525
FA9453-12-C-0239
FA9453-15-C-0037
12.800
12.800
4,087
52,246
4,087
52,246
FA9550-12-1-0437
FA9550-14-1-0222
12.800
12.800
177,721
97,501
177,721
97,501
FA9453-13-1-0253
FA9550-10-0533
12.800
12.800
FA9453-11-C-0247
FA9453-14-C-0206
FA9453-14-C-0203
12.800
12.800
12.800
N00173-14-1-G014
N00173-15-1-G001
N00244-14-1-0012
N00014-13-1-0234
12.
12.300
12.300
12.300
12.300
N00014-11-1-0583
12.300
HDTRA-1-11-0045
12.
12.351
16,183
Ohio State University
570,658
1,157,435
54,730
2,756,997
16,183
75,682
75,682
570,658
1,157,435
54,730
2,832,679
30,393
96,431
67,756
62,332
30,393
96,431
67,756
62,332
18,922
275,834
-
18,922
275,834
-
44,426
44,426
44,426
44,426
Radiation Monitoring Devices, Inc
The accompanying notes are an integral part of the schedule of expenditures of federal awards.
18
75,682
Boston College
Schedule of Expenditures of Federal Awards
Year Ended May 31, 2015
Project Title
Award Number /
Pass-Through Number
CFDA #
C14-28
12.
Pass-Through Entity
PassThrough
Direct
Total
Research and Development Cluster, continued
Organic Scintillator with Pulse-Shape Discrimination for SNM Monitoring
Subtotal of 12.
National Security Agency
Einstein Series
Homology of Arithmetic Groups and Galois Representations
Subtotal of 12.901
H98230-13-1-0246
H98230-13-1-0281
Department of the Interior
Radiation Monitoring Devices, Inc.
12.
12.901
12.901
-
56,209
56,209
56,209
56,209
57,645
33,223
90,868
-
57,645
33,223
90,868
15.
Geological Survey
Hypocenter and Focal Mechanism Determination of the August 23, 2011 Virginia Earthquake
Aftershock Sequence: Collaborative Research with Virginia Tech and Boston College
Near Surface Sediment Model and Site Response for Boston:
Collaborative Research with Tufts University and Boston College
Subtotal of 15.807
Department of Labor
Various Economic and Statistical Studies Related to Employer Provided Pension Plans
Subtotal of 17.
Department of Transportation
Federal Aviation Administration
Ionospheric Research in Support of Next Generation Satellite Based Augmentation Systems
Subtotal of 20.108
National Aeronautics and Space Administration
Investigation of the Low-Latitude Electrodynamics and Seeding Conditions
of Plasma Structures by Utilizing Multi-Instrument Observations
The Onset and Propagation of Magnetic Flux Ropes from the Sun through the Heliosphere
Investigation of Post-CME Current Sheets
Subtotal of 43.001
Center for Lunar and Asteroid Surface Science (CLASS)
Subtotal of 43.003
National Science Foundation
First Principles Studies of Novel Approach for Achieving Ultrahigh Thermal
Conductivity In Materials
Development and Nanoscale Characterization of Back-Gated Topological Devices
Terahertz Compressive Imaging With Tunable Metamaterial Absorbers
EFRI - Tunable Thermal and Thermoelectric properties in "Epitopotaxial" Si/Ge/Sn Graphane Heterostructures
Subtotal of 47.041
Hyperbolic Geometry and Minimal Surfaces
CAREER: Experimental Neutron Scattering and Materials-Based Exporation of Spin-Orbital Physics in
Intermediate-Bandwidth Quantum Materials
CAREER: Rational design, Synthesis and Understanding of Heteronanostrcutures as Photoelectrodes for Water Splitting
New Methods in Stereoselective Synthesis
Dynamical Processes in Strongly Coupled Complex Plasmas
Develop Conditionally Charged Residues for the Design of Peptide Channels
Geometry of Moduli Spaces and Applications
15.
G13AP00043
15.807
8,697
8,697
G14AP00061
15.807
53,443
62,140
-
53,443
62,140
-
21,483
21,483
21,483
21,483
111,374
111,374
-
111,374
111,374
2411
11-G-006
17.
17.
IMPAQ International
20.
20.
20.108
43.
NNX11AP02G
F99053CHL
NNX13AG54G
43.001
43.001
43.001
Southwest Research Institute
201,004
66016031-2
43.003
University of Central Florida
116,894
317,898
34,186
201,004
34,186
116,894
352,084
-
34,090
34,090
34,090
34,090
11,190
11,190
11,190
109,138
122,312
11,190
253,830
34,186
47.
CBET-1402949
ECCS-1232105
ECCS-1309966
60046373
47.041
47.041
47.041
47.041
11,190
109,138
122,312
Ohio State University
242,640
1460241
47.049
20,564
20,564
DMR-1056625
DMR-1055762
CHE-1111074
PHY-1105005
CHE-1112188
DMS-1200329
47.049
47.049
47.049
47.049
47.049
47.049
100,012
90,874
79,034
115,620
77,763
22,822
100,012
90,874
79,034
115,620
77,763
22,822
The accompanying notes are an integral part of the schedule of expenditures of federal awards.
19
Boston College
Schedule of Expenditures of Federal Awards
Year Ended May 31, 2015
Project Title
Award Number /
Pass-Through Number
CFDA #
DMR-1151440
47.049
94,115
94,115
CHE-1149096
DMS-1237412
DMS-1207812
47.049
47.049
47.049
18,589
6,407
54,732
18,589
6,407
54,732
DMS-1151671
DMS-1201480
PHY-1208521
47.049
47.049
47.049
86,316
59,879
77,067
86,316
59,879
77,067
DMS-1259226
47.049
39,967
39,967
DMS-1251064
DMS-1308678
DMS-1314010
DMS-1311134
DMR-1305647
DMR-1410846
DMS-1305613
DMS-1303418
DMS-1308642
DMS-1350396
CHE-1361618
CHE-1362763
DMS-1440703
47.049
47.049
47.049
47.049
47.049
47.049
47.049
47.049
47.049
47.049
47.049
47.049
47.049
20,540
48,194
42,745
15,349
96,237
86,279
63,647
48,043
39,970
32,735
99,229
247,904
88,847
1,873,480
20,540
48,194
42,745
15,349
96,237
86,279
63,647
48,043
39,970
32,735
99,229
247,904
88,847
1,873,480
Pass-Through Entity
Direct
PassThrough
Total
Research and Development Cluster, continued
CAREER: Novel Quantum Hall and Correlation Physics in Topological Band Structures
Short [N,N] Carbon Nanotubes of Uniform Diameter by Chemical
Synthesis and Tests of Methods for their Elongation
Equidistribution in Symmetric Spaces
Floer Homology and Low-Dimensional Topology
CAREER: Connections Between Algebraic and Geometric Invariants
in Low-Dimensional Topology
Height Pairings on Unitary and Orthogonal Shimura Varieties
A Numerical Renormalization Group for Low Dimensional Field Theories
Geometry of Moduli Spaces, Geometric Invariant
Theory and Deformations of Singularities
Contact Structures, Open Books and Connections between Heegaard
Floer Homology and the Khovano-Rozansky Link Homology Theories
Asymptotic Methods in Groups and Locally Symmetric Spaces
Mirror Symmetry and the Microlocal Theory of Sheaves
William Rowan Hamilton Geometry and Topology Workshop
Emergent Physics in Correlated, Spin-orbit Coupled Materials
High Temperature, Topological Superconductivity via the Proximity Effect
Heegaard Splitting of 3-Manifolds
Local Langlands Correspondence for Reductive p-adic Groups
Hyperbolic 3-Manifold Invariants and Applications
CAREER: Moduli Space of Curves and Teichmueller Dynamics
Norel Polypyridine Ligands: Synthesis, Characterization, and Applications.
New Methods in Stereoselective Synthesis
Modularity Lifting in Non-Regular Weight
Subtotal of 47.049
Engineering Sustainability of Massively Anthropic Deltas: the Compelling
Case of the Huanghe
Collaborative Research: Laboratory Studies of Formation, Aging and
Physicochemical Properties of Atmostpheric Organic Particulate Matter
Collaborative Research: Frontogenesis and Fine-Sediment
Trapping in a Highly Stratified Estuary
Collaborative Research: The Low-Latitude Ionosphere and the Development
of Forecasting Techniques Using the Low-latitude Ionosphere Sensor Network (LISN) Distributed Observatory
Collaborative Research: Flow Reactor Simulations of the
Evolution of Atmospheric Organic Aerosol
Collaborative Research: Investigations of the Mid-Latitude Ionosphere During
Magnetic Disturbances: Observations, Modeling, and Space Weather Impacts
International Travel Support for The Scientific Committee on Solar-Terrestrial Physics
Physics Symposium; October 12-17, 2014
Workshop - Past as Prologue: Holocene Climate as Context for Future Climate Change;
Mount Hood, Oregon; October 14-16, 2014
Troposphere-Ionosphere Coupling via Atmospheric Gravity Waves
Subtotal of 47.050
Using Analytics on Security Data to Understand Negative Innovations
CAREER: Using Social Media to Manage Knowledge
RI: Small: Convex Architecture for Human Movement Understanding
Using Dynamic Models to Assess and Improve Higher Order Thinking Skills
Subtotal of 47.070
-
9,880
EAR-1427259
47.050
9,880
AGS-0854916
47.050
8,742
8,742
OCE-1234164
47.050
109,231
109,231
AGS-1135675
47.050
334,648
334,648
AGS-1244918
47.050
65,590
65,590
AGS-1242476
47.050
134,727
134,727
AGS-1445430
47.050
17,628
17,628
AGS-1449148
1341557
47.050
47.050
46,696
39,549
766,691
CNS-1350061
IIS-0953285
IIS-1018641
47.070
47.070
47.070
47.070
46,696
39,549
766,691
20,713
20,713
33,049
60,378
84,204
20,713
198,344
33,049
60,378
84,204
SimBiotic Software
177,631
The accompanying notes are an integral part of the schedule of expenditures of federal awards.
20
-
Boston College
Schedule of Expenditures of Federal Awards
Year Ended May 31, 2015
Project Title
Award Number /
Pass-Through Number
CFDA #
MCB-0958515
MCB-1244425
MCB-1411970
47.074
47.074
47.074
239,779
150,879
117,026
DBI-1262439
IOS-1253386
47.074
47.074
173,098
173,667
854,449
Pass-Through Entity
Direct
PassThrough
Total
Research and Development Cluster, continued
Functional Group Interactions in DNA-Protein Recognition
Collaborative Research: BIOMAPS Control of Spindle Positioning and Cytokinesis
RNA Structures Regulating Ribosomal Protein Biosynthesis in Gram-positive Bacteria
ABI Innovation: Engineering Molecular Scissors by Computational
Design with Experimental Validation
CAREER: Vasopressin-Mediated Regulation of Juvenile Social Behaviors
Subtotal of 47.074
Doctoral Dissertation Research: The Social Logic of Recidivism: Prisonization,
Economic Exclusion, Drugs and Addiction
Organ Exchange for Kidneys, Livers, and Lungs
The Origins and Social Consequences of Moral Realism
Sleep-Depressant Preservation of Emotional Memory:EEG and fMRI Investigations
Scripts: Children's Understanding of Emotions
Understanding and Facilitating Numerical Discriminations in Infancy
Subtotal of 47.075
Science Educators for Urban Schools, Phase II
Graduate Research Fellowship Program (GRFP)
Graduate Research Fellowship
Efficient and Sustainable Nanocoax-Based Dye-Sensitized Solar Cell
Graduate Research Fellowship, Iron Pyridyl Diimine Catalyst for the Production of a
Tunable Biodegradable Polymer
Graduate Research Fellowship
Instructional Leadership for Scientific Practices: Resources for Principals in
Neural and Autonomic Contributions to the Sense of "Reliving" Emotional Events
Investigating the Role of Maskin and Microtubule Dynamics in a Model of Cell
Graduate Research Fellowship: The Behavioral and Neural Basis of Recollection
Increased Te in Perovskite YBCO through Bilaver Interactions
Evaluating and Supporting Teachers' Science Instruction
VideoReView: Support for Teachers' Collection and Interpretation of Classroom
Video to Improve Science Understanding and Argumentation
Collaborative Research: Focus on Energy
IT and College Pathways Through Application of Technology
to Explore Urban Ecological Challenges
Pathways Over Time: A Research Project for the Introductory Biology Laboratory
GSE/RES Two Studies on the Long-Term Changes in the Relation
Between Spatial Skills and Math Achievement in Girls
Seeding the Future: Growing STEM Learning and Interest
Through Hydroponic Food Production
Contextual Research-Empirical Research - Psychometric and Growth Modeling
of Complex Patterns of Learning Resulting from the
Interrelationships Between Multiple Learning Progressions
A Strategies Project - Seeding the Future: Creating a Green Collar Workforce Through
Learning About Indoor Urban Farming Technologies and Alternative Energy Sources
Exemplary Mathematics Teachers for High Need Schools
Connecting Undergraduate Research with the Public Through Innovative Technologies
What Mathematics Do Students Know? Implications from NAEP for Curriculum and Policy
239,779
150,879
117,026
-
173,098
173,667
854,449
-
8,142
76,897
88,576
30,720
4,842
110,474
319,651
SES-1409693
SES-1426440
SMA-1408989
BCS-0963581
BCS-1025563
BCS-1056726
47.075
47.075
47.075
47.075
47.075
47.075
8,142
76,897
88,576
30,720
4,842
110,474
319,651
DUE-1439393
DGE-1258923
DGE-1258923
DGE-1258923
47.076
47.076
47.076
47.076
13,310
35,711
35,375
40,462
13,310
35,711
35,375
40,462
DGE-1258923
DGE-1258923
47.076
47.076
39,962
42,941
39,962
42,941
1258923
1258923
DGE-1258923
DGE-1258923
DRL-1415541
47.076
47.076
47.076
47.076
47.076
43,377
43,631
35,812
29,231
95,085
43,377
43,631
35,812
29,231
95,085
4104
4074
47.076
47.076
DRL-0833624
DUE-1140428
47.076
47.076
1,063
23,359
1,063
23,359
HRD-1231623
47.076
150,091
150,091
DRL-1223173
47.076
75,139
75,139
DRL-1313513
47.076
55,386
55,386
DRL-1312073
DUE-1339601
DUE-1244936
BL-4840302-BC
47.076
47.076
47.076
47.076
395,235
425,542
39,564
395,235
425,542
39,564
2,341
TERC
TERC
Indiana University
The accompanying notes are an integral part of the schedule of expenditures of federal awards.
21
26,596
26,596
2,341
26,596
26,596
Boston College
Schedule of Expenditures of Federal Awards
Year Ended May 31, 2015
Project Title
Award Number /
Pass-Through Number
CFDA #
00007716
47.076
Pass-Through Entity
PassThrough
Direct
Total
Research and Development Cluster, continued
Constructing and Critiquing Arguments in Middle School Science Classrooms: Supporting
Teachers with Multimedia Educative Curriculum Materials
University of California, Berkeley
Subtotal of 47.076
1,620,276
Integrated Evaluation of Mantle Xenoliths from the Fosdick Mountains, Antarctica
ANT-1246320
47.078
116,910
172,443
1,792,719
28,961
Subtotal of 47.078
28,961
28,961
-
28,961
-
16,869
16,869
16,869
16,869
Exploring Methods for Improving Teachers' Mathematical Quality of Instruction
Subtotal of 47.079
5054960-118114
Collaborative Research: AGNES: Algebraic Geometry NorthEastern Series
Invariants of Bordered 3-Manifolds and Contact Structures in Floer Homology,
Connections with Khovanov Homology, and Applications
Low-dimensional and Group-theoretic Reduction Techniques for Coupled
Oscillator Networks
The 10th William Rowan Hamilton Geometry and Topology Workshop,
August 26 - 30, 2014
Spectral Theory and Dynamics on Hyperbolic Manifolds
Subtotal of 47.082
DMS-1360598
47.082
29,980
29,980
DMS-1406383
47.082
28,784
28,784
DMS-1413020
47.082
16,302
16,302
DMS-1416832
DMS-1401747
47.082
47.082
26,581
3,809
105,456
-
26,581
3,809
105,456
-
31,533
31,533
31,533
31,533
Environmental Protection Agency
Investigating the Effects of Atmospheric Aging on the Radiative
Properties and Climate Impacts of Black Carbon Aerosol
Subtotal of 66.509
Department of Energy
High Temperature Chemistry of Aromatic Hydrocarbons
Laboratory Studies of Cloud Particle Formation, Mixing State and Physiochemical
Optical Properties of Carbonaceous
Disorder and Interaction in Correlated Electron Systems
Metamaterials as a Platform for the Development of Novel Materials for Energy Applications
Laboratory Experiments and Instrument Intercomparison Studies of Carbonaceous Aerosol Particles
STM Studies of Spin-Orbit Coupled Phases in Real and Momentum Space
Focused Research Center in Correlated Electron and Complex Materials
Energy Frontier Research Centers(Solid-State Solarthermal Energy Conversion Center)
Solid-State Solar-Thermal Energy Conversion Center (S3TEC)
Subtotal of 81.049
Novel Carbon (C) Boron (B) Nitrogen(N) containing h2 storage materials
47.079
116,910
Harvard University
66.
5710003178
66.509
DE-FG02-93ER14359
81.
81.049
DE-SC0011935
DE-FG02-99ER45747
DE-SC0005240
DE-SC0006980
DE-SC0008615
DE-SC0002554
5710002627
5710003751
81.049
81.049
81.049
81.049
81.049
81.049
81.049
81.049
Massachusetts Institute of Technology
48,798
66,573
143,083
23,563
139,598
146,187
7,275
66,573
143,083
23,563
139,598
146,187
7,275
21,477
34,111
630,665
Massachusetts Institute of Technology
Massachusetts Institute of Technology
575,077
DE-EE0005658
81.087
5710003118
Department of Education
81.089
21,477
34,111
55,588
326,602
Subtotal of 81.087
Phonon Thermal Transport in BiSbTe and BiSbSe Alloys from First Principles
Subtotal of 81.089
48,798
326,602
326,602
-
326,602
-
42,142
42,142
42,142
42,142
449,240
449,240
922,596
33,797
922,596
33,797
Massachusetts Institute of Technology
84.
PIRLS 2011 NCES - Federal
TIMSS 2015 NCES - Federal
Supporting Family Caregivers in Transition
The CLAVES Intervention Project: Developing a Supplemental Intervention for
Comprehension, Linguistic Awareness, and Vocabulary in English for Spanish
Speakers
IEA/BC 18
84.
IEA/BC 19
2015-01151-06-00 AS
84.
84.133
R305A140114
84.305
International Association for the Evaluation of
Educational Achievement
International Association for the Evaluation of
Educational Achievement
University of Illinois
The accompanying notes are an integral part of the schedule of expenditures of federal awards.
22
418,904
418,904
Boston College
Schedule of Expenditures of Federal Awards
Year Ended May 31, 2015
Award Number /
Pass-Through Number
Project Title
CFDA #
Pass-Through Entity
PassThrough
Direct
Total
Research and Development Cluster, continued
National Center on the Use of Emerging Technologies to Improve Literacy Achievement
for Students with Disabilities in Middle School (CET)
Digital Messaging Campaign to Mitigate Summer Attrition
Investigating and Enhancing School Networks that Support Improved Student Achievement
Subtotal of 84.
Department of Health and Human Services
Robust Software Tools for Variant Identification and Functional Assessment
An Integrative Analysis of Structural Variation for the 1000 Genomics Project
Software Tools for the Next-Generation Sequencer Data
Subtotal of 93.172
How Emotion Affects Memory for Detail: Behavioral and Neuroimaging Investigations
Safety Learning and Plasticity in the Insular Cortex
Sex and Age Differences in the Regulation of Social Recognition
Sex-specific Regulation of Social Play
Function of Microtubule Plus-End-Tracking Proteins in the Neuronal Growth Cone
Sex-Specific Regulation of Social Behavior: Focus on Oxycotin and Neural Circuits
Community-Based HIV Education Research Program for Diverse Racial and Ethnic Groups
The Mount Sinai Institute for Neuro AIDS Disparities
Subtotal of 93.242
Expanding the Behavioral Health Social Work Workforce in Suffolk County
Subtotal of 93.243
BC0913-16
108129-5076415
1U01HG006513-01
P.O.# 201995
1R01HG004719-01
93.172
93.172
93.172
R01MH080833
4R00MH093412
1R15MH102807
1R01MH102456-01A1
R00MH095768
F31 MH100891
M14A12071(A09021)
0253-6142-4609
93.242
93.242
93.242
93.242
93.242
93.242
93.242
93.242
G02HP27925
7K01OH010673-02
Neural Encoding of Reward and Safety
Subtotal of 93.279
4R00DA034010-02
The National Research Mentoring Network (NRMN) Initiative
Subtotal of 93.310
Novel Epigenomic Biomarkers, Prenatal Risk Factors, and Childhood Obesity
Binge Eating and Drinking: Screening and Intervention for College Students
Spousal Involvement in Adherence to CPAP Treatment
Subtotal of 93.361
Early Physical Health Problems as Developmental Liabilities for School Readiness: Associations
with Early Childhood Education & Family Resources
Early Physical Health Problems as Developmental Liabilities for School Readiness: Associations
with Early Childhood Education & Family Resources
Subtotal of 93.575
Forebrain Circuits and Control of Feeding Behavior by Learned Cues
Subtotal of 93.847
CAST Inc.
Harvard University
Education Northwest
418,904
Quantifying Economic and Health Effects of Psychosocial Workplace Exposures
Subtotal of 93.262
Investigation of the Use of MRI-Guided Focused Ultrasound as a Noninvasive
Transcranial Cancer Therapy
Subtotal of 93.286
84.327M
84.305
84.283B
106121
U54MD009479
112492-5056082
1K23NR011175-01A1
R15NR013274
(38,309)
115,013
The Jackson Laboratory
49,047
10,738
61,554
18,317
108,527
2,012,935
(38,309)
115,013
49,047
125,751
1,049,433
5,028
10,119
15,147
399,477
212,374
142,093
71,497
187,254
36,738
5,028
10,119
1,064,580
124,839
124,839
-
124,839
124,839
45,791
45,791
-
45,791
45,791
135,173
135,173
-
135,173
135,173
-
15,040
15,040
15,040
15,040
717,915
717,915
-
717,915
717,915
Yale University
Mount Sinai School of Medicine
93.262
93.279
Brigham and Women's Hospital
93.310
93.361
93.361
93.361
115,013
399,477
212,374
142,093
71,497
187,254
36,738
93.243
93.286
61,554
18,317
108,527
1,594,031
11,387
Harvard School of Public Health
(79)
194,800
194,721
11,387
11,387
(79)
194,800
206,108
7,510
90YE0147-01-00
93.575
7,510
90YE0147-02-00
93.575
18,938
26,448
-
18,938
26,448
313,573
313,573
-
313,573
313,573
1R01DK085721-01A1
93.847
The accompanying notes are an integral part of the schedule of expenditures of federal awards.
23
Boston College
Schedule of Expenditures of Federal Awards
Year Ended May 31, 2015
Award Number /
Pass-Through Number
CFDA #
Glycosphingolipids in Murine Neurodegenerative Diseases
Monocyte Traffic and Neuropathogenesis of AIDS
Monocyte/Macrophage Traffic and Peripheral Nerve Pathogenesis
Viral Evolution in Peripheral Macrophages and Brain During Progression to AIDS
Subtotal of 93.853
9 R01 NS055195-05A2
R01 NS040237
R01NS082116
UF13028
93.853
93.853
93.853
93.853
Cytoskeleton Scaffold Assembly in Taxoplasma Gondii
Novel Broad Spectrum Therapeutic Glycans Against Category B Pathogens
Cross-Species Transmission and Adaptation of Primate Lentiviruses
Intrinsic Immunity and AIDS
A Multiplex Nanodiagnostic Array for Detection of Emerging Pathogens
Experimental Evolution of Toxoplasma Gondii Virulence
Organization of Toxoplasma Invasion and Cell Division by EF-Hand Proteins
Molecular Discovery and Characterization within Toxoplasma Egress Pathways
The Role of the DOC2.1 Protein in Toxoplasma Gondii Ca2+- Dependent Exocytosis
Subtotal of 93.855
1R01AI081924
7U01A1075563
1R01AI0905092-01A1
1R01AIO95092
R21AI100216
R21 AI117241
R03AI107475
F32AI108251
R21AI099658
93.855
93.855
93.855
93.855
93.855
93.855
93.855
93.855
93.855
87,753
180,339
53,926
671,891
77,042
1,190
83,176
38,619
178,833
1,372,769
2R01GM057212
2 R01 GM060418-05
2 R01 GM047480-14
2R01GM059417-15
1R01GM087581-01A1
5710003176
R01GM064451
1R01GM102735-01
R01GM094541
WA00228174/RFS201506
93.859
93.859
93.859
93.859
93.859
93.859
93.859
93.859
93.859
93.859
226,170
31,485
341,661
243,942
7,568
Project Title
Pass-Through Entity
Direct
PassThrough
Total
Research and Development Cluster, continued
Development of New Catalytic and Enantioselective Reactions
Activation of PI-Specific Phospholipase C Enzymes
Catalytic and Stereoselective C-C Bond Forming Reactions
Catalytic Enantioselective Diboration Reactions
Practical Strategies for Controlling Selectivity in Organic Reactions
Catalytic Stereoselective Olefin Metatheses Reaction
Stereoselective Reductive Condensation Reactions
Small Molecule Receptors for Membrane Lipids
Development of BN Heterocycles for Biomedical Research
Identification of Citrullinated Biomarkers of Inflammatory Disease and Cancer
Subtotal of 93.859
Role of Human Milk in Infant Nutrition and Health
Oligosacaccharide Moieties of Human Milk Glycans that Inhibit Pathogens
Early Determinants of Childhood Obesity: Etiology, Disparities, Policy Analysis
Violence Screening in College Health Centers: Predictors and Missed Opportunities
A Population-based Analysis of Male Survivors of Child Sexual Abuse at Midlife
and Late Life
Novel Probes for Studying Treatment of CNS-based Lysosomal Storage Diseases
Culture, Family Process, and Developmental Outcomes in Asian American Youth
Subtotal of 93.865
134,515
585,543
317,957
University of Florida
1,038,015
Massachusetts Institute of Technology
93.865
93.865
93.865
93.865
1R03AG048768-01
3002628871
FP049758
93.865
93.865
93.865
The Impact of Long-Term Care Insurance
Boston Roybal Center - CORE B - Boston College
Subtotal of 93.866
1R01AG041105-01
402461
93.866
93.866
Vietnam Sex Networks
200-2013-M-54515
221,564
University of Massachusetts
Cincinnati Children's Hospital & Medical Center
23,850
245,414
62,586
598,219
216,638
29,699
14,474
84,632
28,004
28,004
84,632
28,004
112,636
4,827
4,827
-
4,827
4,827
84,632
The accompanying notes are an integral part of the schedule of expenditures of federal awards.
62,586
598,219
216,638
29,699
14,474
93,603
14,238
1,029,457
Brandeis University
93.
226,170
31,485
341,661
243,942
7,568
221,564
254,918
279,825
292,973
23,850
1,923,956
93,603
14,238
170,427
University of Michigan
University of Chicago
859,030
24
-
87,753
180,339
53,926
671,891
77,042
1,190
83,176
38,619
178,833
1,372,769
254,918
279,825
292,973
1,678,542
105419
1R01HD061930-2
R00HD068506
1R03HD080195-01A1
59,373
59,373
134,515
585,543
317,957
59,373
1,097,388
Boston College
Schedule of Expenditures of Federal Awards
Year Ended May 31, 2015
Project Title
Award Number /
Pass-Through Number
CFDA #
10-P-98361-1-01
2 RRC08098402-06-00
96.
96.007
96.007
Pass-Through Entity
Direct
PassThrough
Total
Research and Development Cluster, continued
Social Security Administration
The Center for Retirement Research at Boston College
Retirement Research Consortium
Subtotal of 96.007
(8,810)
1,842,810
1,834,000
20,415,375
Total Research and Development Cluster
-
2,936,532
(8,810)
1,842,810
1,834,000
23,351,907
Student Financial Aid Cluster
84.
84.007
84.033
84.038
84.063
Department of Education
S.E.O.G. Program
College Work Study Program
Perkins Loan Program ACA
Pell Grant Program
Total Student Financial Aid Cluster
1,451,137
1,986,274
402,822
5,342,618
1,451,137
1,986,274
402,822
5,342,618
9,182,851
-
9,182,851
7,951
7,951
-
7,951
7,951
346,553
346,553
-
346,553
346,553
300,000
300,000
-
300,000
300,000
215,322
463,689
679,011
-
215,322
463,689
679,011
-
247,047
196,241
32,755
476,043
Other Programs
Department of State
Exchange Programs for Northern Ireland and the Republic of Ireland
Subtotal of 19.012
S-ECAPE-12-GR-136
S-ECAGD-13-GR-194CD
The Professional Fellows Exchange Program
Subtotal of 19.415
National Science Foundation
MRI: Acquisition of SQUID Magnetometer for the Exploration of the Next
Generation of Materials and the Study of Complex Spin Phenomena
Subtotal of 47.049
19.
19.012
19.415
47.
DMR-1337567
Department of Veterans Affairs
Veteran Directed Home and Community Based Services Program
Veteran Directed Home and Community Based Service Programs
Subtotal of 64.
VA119A-15-C-0016
VA244-P-1554
Department of Education
TRIO Cluster - Student Support Services Program
Ronald E. McNair Post-Baccalaureate Achievement
Post-Doc Fellows for Leadership in Universal Design for Learning
Subtotal of 84.
P042A101233
P217A120176
H325D090016
47.049
64.
64.
84.
84.042
84.217
84.325
The accompanying notes are an integral part of the schedule of expenditures of federal awards.
25
247,047
196,241
32,755
476,043
Boston College
Schedule of Expenditures of Federal Awards
Year Ended May 31, 2015
Project Title
Award Number /
Pass-Through Number
CFDA #
06947S03176
93.
93.
Pass-Through Entity
PassThrough
Direct
Total
Other Programs, continued
Department of Health and Human Services
Participant-Directed Training and Technical Assistance for Integrated Care Service Delivery
Mathematical Policy Research, Inc.
1,900
Subtotal of 93.
-
Accelerating Adoption of Participant Direction Philosophy and Models in the Aging Network
Veteran Directed Home and Community Based Services Technical Assistance
90CP014301
90CP0144
93.048
93.048
UD7HP25059
93.359
Home and Community Based Service (HCBS): Technical
Assistance for Self-Directed and HCBS
HHSM 500-2011-001306
93.
$
395,064
-
395,064
498,250
498,250
-
498,250
498,250
-
1,911
1,911
1,911
1,911
2,702,872
3,811
2,706,683
32,301,098
The accompanying notes are an integral part of the schedule of expenditures of federal awards.
26
234,000
161,064
New Editions Consulting Inc.
Total Other Programs
Total Federal Award Expenditures
1,900
234,000
161,064
Subtotal of 93.048
Nurse Education, Practice, Quality, and Retention - Interprofessional Collaborative Practice
Subtotal of 93.359
1,900
1,900
$
2,940,343
$
35,241,441
Boston College
Notes to Schedule of Expenditures of Federal Awards
May 31, 2015
1.
Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) summarizes the
expenditures of the University under programs of the federal government for the year ended
May 31, 2015. 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. Negative amounts on the Schedule represent adjustments to
expenditures reported in the prior year. Full CFDA numbers and pass-through numbers are
provided when available.
For purposes of the Schedule, federal awards include all grants, contracts and similar agreements
entered into directly between the University and agencies and departments of the federal
government and all subawards to the University by nonfederal organizations pursuant to federal
grants, contracts and similar agreements.
2.
Summary of Significant Accounting Policies for Federal Awards
The Schedule has been prepared using the accrual basis of accounting.
Expenditures for federal student financial aid programs are recognized as incurred and include
such items as Federal Pell Grants to students, the federal share of the Supplemental Educational
Opportunity Grants, Federal Work-Study program earnings and administrative cost allowances
where applicable. Expenditures for research and other federal award programs are determined
using the cost accounting principles and procedures set forth in OMB Circular A-21, Cost
Principles for Educational Institutions. Under these cost principles, certain expenditures are not
allowable or are limited as to reimbursement.
Expenditures for awards (other than student financial aid) include facilities and administrative
cost recoveries (“F&A”), relating primarily to facilities operation and maintenance, facilities and
equipment depreciation and general departmental administration services, which are allocated to
direct costs based on negotiated rates. F&A costs allocated to such awards for the year ended
May 31, 2015 were based on predetermined fixed rates the University negotiated with DHHS
Division of Cost Allocation. The University’s current F&A cost agreement runs through May 31,
2015. Recoveries of F&A costs under sponsored programs are classified as unrestricted
revenues in the University’s basic financial statements.
3.
Federal Student Loan Programs
Campus-Based Loan Programs
Loans made by the University to eligible students under federal student loan programs during the
year ended May 31, 2015 are summarized as follows:
CFDA
Number
Federal Perkins Loan Program
Nursing Student Loans
Undergraduate
Graduate
84.038
$
93.364
93.364
Total campus-based loans
132,500
38,000
$
27
4,712,417
4,882,917
Boston College
Notes to Schedule of Expenditures of Federal Awards
May 31, 2015
The Federal Perkins and Nursing Student Loans programs are administered directly by the
University and balances and transactions relating to these programs are included in the
University’s basic financial statements. The balances of loans outstanding at May 31, 2015 consist
of:
Federal Perkins Loan Program
Nursing Student Loans
Undergraduate
Graduate
$ 29,479,245
1,385,974
198,318
Total campus-based loans
$ 31,063,537
The University recovered an administrative cost allowance from the Perkins program of $402,822
for the year ending May 31, 2015. Perkins loan cancellations (CFDA# 84.037) amounted to
$977,890 for the year ending May 31, 2015.
Federal Direct Student Loan Program
Federally-guaranteed loans issued to students of the University by the William D. Ford Federal
Direct Loan Program during the year ended May 31, 2015 are summarized as follows:
CFDA
Number
Federal Direct Loan Program
Parent Loans for Undergraduate Students
84.268
84.268
Total guaranteed loans
$ 45,003,693
27,673,915
$ 72,677,608
The University is responsible only for the performance of certain administrative duties with respect
to the federally-guaranteed student loan programs and, accordingly, balances and transactions
relating to these loan programs are not included in the University’s basic financial statements and
therefore, it is not practicable to determine the balance of loans outstanding to current students
and former students of the University at May 31, 2015.
4.
Subrecipients
For the year ended May 31, 2015, the University received awards from federal agencies which
were passed through to subrecipients as follows:
Research and Development Cluster
U.S. Department of Education (CFDA #84.325)
U.S. Department of Veterans Affairs (CFDA #64.)
Department of Health and Human Services (CFDA #93.048 & 93.359)
$
2,326,580
5,000
10,101
425,514
$
2,767,195
These amounts are included in the direct expenditures shown on the accompanying Schedule.
28
Boston College
Notes to Schedule of Expenditures of Federal Awards
May 31, 2015
5.
Loan Programs
As of May 31, 2015, the University had $5,738,834 in debt payable to the Department of
Education (CFDA #84.). Details of the debt balances outstanding, maturity dates and other
related information is included in Note G to the basic financial statements.
29
Part II
Reports on Internal Control and Compliance
Independent Auditor’s Report on Internal Control Over Financial Reporting and on
Compliance and Other Matters Based on an Audit of Financial Statements Performed in
Accordance with Government Auditing Standards
To the Board of Trustees of Boston College:
We have audited, in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards
issued by the Comptroller General of the United States, the consolidated financial statements of Boston
College (the “University”), which comprise the consolidated statement of financial position as of May 31,
2015, and the related consolidated statements of activities and of cash flows for the year then ended, and
the related notes to the financial statements, and have issued our report thereon dated September 25,
2015.
Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the University’s internal
control over financial reporting (“internal control”) to determine the audit procedures that are appropriate in
the circumstances for the purpose of expressing our opinion on the financial statements, but not for the
purpose of expressing an opinion on the effectiveness of the University’s internal control. Accordingly, we
do not express an opinion on the effectiveness of the University’s internal control.
A deficiency in internal control exists when the design or operation of a control does not allow
management or employees, in the normal course of performing their assigned functions, to prevent, or
detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a
combination of deficiencies, in internal control such that there is a reasonable possibility that a material
misstatement of the entity’s financial statements will not be prevented, or detected and corrected on a
timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control
that is less severe than a material weakness, yet important enough to merit attention by those charged
with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this
section and was not designed to identify all deficiencies in internal control that might be material
weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any
deficiencies in internal control that we consider to be material weaknesses. However, material
weaknesses may exist that have not been identified.
PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Suite 500, Boston, MA 02210
T: (617) 530 5000, F: (617) 530 5001, www.pwc.com/us
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the University’s financial statements are free
from material misstatement, we performed tests of its compliance with certain provisions of laws,
regulations, contracts and grant agreements, noncompliance with which could have a direct and material
effect on the determination of financial statement amounts. However, providing an opinion on compliance
with those provisions was not an objective of our audit, and accordingly, we do not express such an
opinion. The results of our tests disclosed no instances of noncompliance or other matters that are
required to be reported under Government Auditing Standards.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance
and the results of that testing, and not to provide an opinion on the effectiveness of the entity’s internal
control or on compliance. This report is an integral part of an audit performed in accordance with
Government Auditing Standards in considering the entity’s internal control and compliance. Accordingly,
this communication is not suitable for any other purpose.
September 25, 2015
31
Independent Auditor’s Report on Compliance with Requirements
That Could Have a Direct and Material Effect on Each Major Program and on
Internal Control Over Compliance in Accordance with OMB Circular A-133
To the Board of Trustees of Boston College:
Report on Compliance for Each Major Federal Program
We have audited Boston College’s (the “University”) compliance with the types of compliance
requirements described in the OMB Circular A-133 Compliance Supplement that could have a direct
and material effect on each of the University’s major federal programs for the year ended May 31, 2015.
The University’s major federal programs are identified in the summary of auditor’s results section of the
accompanying schedule of findings and questioned costs.
Management’s Responsibility
Management is responsible for compliance with the requirements of laws, regulations, contracts, and
grants applicable to its federal programs.
Auditor’s Responsibility
Our responsibility is to express an opinion on compliance for each of the University’s major federal
programs based on our audit of the types of compliance requirements referred to above . We conducted
our audit of compliance in accordance with auditing standards generally accepted in the United States of
America; the standards applicable to financial audits contained in Government Auditing Standards, issued
by the Comptroller General of the United States; and OMB Circular A-133, Audits of States, Local
Governments, and Non-Profit Organizations. Those standards and OMB Circular A-133 require that we
plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types
of compliance requirements referred to above that could have a direct and material effect on a major
federal program occurred. An audit includes examining, on a test basis, evidence about the University’s
compliance with those requirements and performing such other procedures as we considered necessary
in the circumstances.
We believe that our audit provides a reasonable basis for our opinion on compliance for each major
federal program. However, our audit does not provide a legal determination of the University’s
compliance.
PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Suite 500, Boston, MA 02210
T: (617) 530 5000, F: (617) 530 5001, www.pwc.com/us
Opinion on Each Major Federal Program
In our opinion, the University complied, in all material respects, with the types of compliance requirements
referred to above that could have a direct and material effect on each of its major federal programs for the
year ended May 31, 2015.
Report on Internal Control Over Compliance
Management of the University is responsible for establishing and maintaining effective internal control
over compliance with the types of compliance requirements referred to above. In planning and
performing our audit of compliance, we considered the University’s internal control over compliance with
the types of requirements that could have a direct and material effect on each major federal program to
determine the auditing procedures that are appropriate in the circumstances for the purpose of
expressing an opinion on compliance for each major federal program and to test and report on internal
control over compliance in accordance with OMB Circular A-133, but not for the purpose of expressing
an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an
opinion on the effectiveness of the University’s internal control over compliance.
A deficiency in internal control over compliance exists when the design or operation of a control over
compliance does not allow management or employees, in the normal course of performing their
assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance
requirement of a federal program on a timely basis. A material weakness in internal control over
compliance is a deficiency, or combination of deficiencies, in internal control over compliance, such that
there is reasonable possibility that material noncompliance with a type of compliance requirement of a
federal program will not be prevented, or detected and corrected, on a timely basis . A significant
deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal
control over compliance with a type of compliance requirement of a federal program that is less severe
than a material weakness in internal control over compliance, yet important enough to merit attention by
those charged with governance.
Our consideration of internal control over compliance was for the limited purpose described in the first
paragraph of this section and was not designed to identify all deficiencies in internal control over
compliance that might be material weaknesses or significant deficiencies. We did not identify any
deficiencies in internal control over compliance that we consider to be material weaknesses . However,
material weaknesses may exist that have not been identified.
The purpose of this report on internal control over compliance is solely to describe the scope of our
testing of internal control over compliance and the results of that testing based on the requirements of
OMB Circular A-133. Accordingly, this report is not suitable for any other purpose.
November 19, 2015
33
Part III
Audit Findings and Questioned Costs
Boston College
Schedule of Findings and Questioned Costs
Year Ended May 31, 2015
I.
Summary of Auditors’ Results
Financial Statements
Type of auditor’s report issued
Unmodified
Internal control over financial reporting
Material weakness(es) identified?
Significant deficiency(ies) identified not considered to
be Material weaknesses?
Noncompliance material to financial statements noted
yes
x
no
yes
x
none reported
yes
x
no
yes
x
no
yes
x
none reported
x
no
Federal Awards
Internal control over major programs
Material weakness(es) identified?
Significant deficiency(ies) identified not considered to
be Material weakness(es)?
Type of auditor’s report issued on compliance for major
programs
Unmodified
Any audit findings disclosed that are required to be
reported in accordance with Circular A-133, Section
510(a)?
yes
Identification of major programs CFDA Number
Name of Federal Program or Cluster
Various
Research and Development Cluster
Various
Student Financial Assistance
Programs Cluster
84.
Department of Education Loan
Program
Dollar threshold used to distinguish between Type A and
Type B programs
Auditee qualified as low-risk auditee
$953,923
x
34
yes
___ no
Boston College
Schedule of Findings and Questioned Costs
Year Ended May 31, 2015
II.
Findings Related to the Financial Statements
None noted.
III.
Federal Awards Findings and Questioned Costs
None noted.
35
Boston College
Status of Prior Year Audit Findings
Year Ended May 31, 2015
Prior Year Findings and Questioned Costs for Federal Awards
2014-001 – Procurement, Suspension and Debarment
Research & Development Cluster
CFDA #
Award #
Award Name
Year
47.074
IOS-1253386
CAREER: Vasopressin-Mediated Regulation of
Juvenile Social Behaviors
2014
Condition
As the University’s competitive bidding policy is $5,000, PwC selected a sample of twenty-five purchases
greater than $5,000 for testing and identified one instance in which the University did not follow its policy
of competitive bidding. The one item in the testing that was not competitively bid had a value of $5,071.
The item was in the approved budget. This procurement, however, was below the federal $100,000
policy limit.
Recommendation
PwC recommended management ensure that University policies are clearly communicated to all
employees upon the start of employment and that adequate controls are in place to monitor they are
being executed.
Current Year Status
The Office for Sponsored Programs (OSP) has reviewed the procurement policies with the appropriate
staff to ensure their understanding and need to adhere to the bidding policy. University-wide policies and
procedures, including procurement, are posted on the University’s website with specific, detailed policies
and forms for sponsored awards located on the OSP website for everyone to access. In addition, OSP
hosts monthly meetings for grant administrators at which time various policies and procedures, including
procurement processing, are reviewed.
36