Boston College
Report on Federal Awards in Accordance With
OMB Circular A-133
May 31, 2014
EIN: 04-2103545
Boston College
Report on Federal Awards in Accordance With OMB Circular A-133
Index
May 31, 2014
Page(s)
Part I - Financial Statements and Schedule of Expenditures of Federal Awards
Independent Auditor’s Report .................................................................................................................. 1–2
Financial Statements .............................................................................................................................. 3–18
Schedule of Expenditures of Federal Awards ...................................................................................... 19–28
Notes to Schedule of Expenditures of Federal Awards ....................................................................... 29–31
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 ......................................................... 32–33
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 ....................................... 34–35
Part III – Audit Findings and Questioned Costs
Schedule of Findings and Questioned Costs ....................................................................................... 36–37
Summary Schedule of Prior Audit Findings ......................................................................................... 38–39
Management’s Views and Corrective Action Plan ..................................................................................... 40
Part I
Financial Statements and Schedule of
Expenditures of Federal Awards
Independent Auditor’s Report
To the Board of 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 statement of financial position as of May 31, 2014, and the
related consolidated statements of activities and of consolidated cash flows for the year then ended, 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 Comptroller 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, 125 High Street, Boston, MA 02110
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, 2014, and changes in its net
assets and its cash flows for the year then ended in accordance with accounting principles generally
accepted in the United States of America.
We have previously audited Boston College’s 2013 financial statements, and we expressed an unmodified
audit opinion on those audited financial statements in our report dated September 27, 2013. In our
opinion, the summarized comparative information presented herein as of and for the year ended May 31,
2013 is consistent, in all material respects, with the audited financial statements from which it has been
derived.
Other Matters
Other Information
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 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 26,
2014 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, 2014. 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 26, 2014
2
Boston College
Consolidated Statement of Financial Position
As of May 31, 2014
(with summarized financial information as of May 31, 2013)
(in thousands of dollars)
2014
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 (Note G)
U.S. Government loan advances
$
6,815
31,845
154,892
59,260
2,542,442
43,163
12,312
1,249,151
$
4,799
28,614
176,587
59,549
2,136,004
21,991
11,096
1,198,130
$
4,099,880
$
3,636,770
$
5,803
181,963
28,971
956,731
35,832
$
4,416
163,063
29,539
734,766
35,623
Total liabilities
Net Assets
Unrestricted (Note H)
Temporarily restricted (Note H)
Permanently restricted (Note H)
Total net assets
Total liabilities and net assets
2013
$
1,209,300
967,407
1,466,625
592,064
831,891
1,393,291
494,175
781,897
2,890,580
2,669,363
4,099,880
$
3,636,770
The accompanying notes are an integral part of these consolidated financial statements.
3
Boston College
Consolidated Statement of Activities
Year Ended May 31, 2014
(with summarized financial information for the year ended May 31, 2013)
(in thousands of dollars)
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
$
$
-
$
-
2014
Total
$
110,741
Total revenues and other support before student aid
862,379
Student aid applicable to tuition and fees
Student aid applicable to auxiliary enterprises
-
-
(155,025)
(4,640)
Net revenues
702,714
Expenses
Instruction
Academic support
Research
Student services
Public service
General administration
Auxiliary enterprises
-
-
264,396
63,379
35,927
54,054
3,353
117,979
163,504
Total expenses
Increase in net assets from operating activities
Nonoperating
Contributions
Realized and unrealized investment (losses) gains, net
Investment income, net
Other (losses) gains, net
Nonoperating assets utilized or released from restrictions
for operations
Net assets reclassified or released from restrictions
2013
Total
534,540
152,498
45,335
4,649
5,015
9,601
$
522,767
148,896
49,881
4,839
4,983
9,524
110,741
83,829
862,379
824,719
(155,025)
(4,640)
(149,676)
(3,986)
702,714
671,057
264,396
63,379
35,927
54,054
3,353
117,979
163,504
248,830
60,160
37,144
51,633
3,173
112,833
157,167
702,592
-
-
702,592
670,940
122
-
-
122
117
5,640
107,885
3,406
(13,056)
54,067
136,726
674
(3,361)
39,783
1,399
238
(1,565)
99,490
246,010
4,318
(17,982)
74,273
273,082
6,289
581
(38,492)
7,829
(72,249)
(17,968)
10,139
(110,741)
-
(83,829)
-
Increase in net assets from
nonoperating activities
73,212
97,889
49,994
221,095
270,396
Total increase in net assets
73,334
97,889
49,994
221,217
270,513
Net assets
Beginning of year
End of year
534,540
152,498
45,335
4,649
5,015
9,601
Permanently
Restricted
1,393,291
$
1,466,625
494,175
$
592,064
781,897
$
831,891
2,669,363
$
2,890,580
2,398,850
$
The accompanying notes are an integral part of these consolidated financial statements.
4
2,669,363
Boston College
Consolidated Statement of Cash Flows
Year Ended May 31, 2014
(with summarized financial information for the year ended May 31, 2013)
(in thousands of dollars)
2014
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 loss on retirement or disposal of fixed assets
Contributions of property and equipment
Loan cancellations
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
Repayment 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
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
221,217
2013
$
53,783
(587)
243
5,153
(821)
1,019
(18,405)
(246,010)
(610)
13,777
51,709
1,096
(4,252)
667
(292)
1,068
(13,793)
(273,082)
-
(3,231)
315
22,039
17,803
(568)
324
(80,764)
4,750
300
15,812
(10,172)
(1,677)
(875)
(53,196)
(15,323)
(11,424)
815,939
(956,537)
(6,636)
5,591
(108,640)
(21,172)
814,546
(765,536)
(7,777)
5,773
(95,681)
25,251
(271,455)
(23,424)
323,505
(94,420)
(17,751)
209
(1,425)
(2,088)
80,764
(16,877)
165
(1,424)
53,196
288,794
35,060
2,016
212
4,799
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
4,587
$
6,815
$
4,799
$
37,214
278
535
18,405
$
33,609
(152)
10
13,793
The accompanying notes are an integral part of these consolidated financial statements.
5
270,513
Boston College
Notes to Consolidated Financial Statements
May 31, 2014 and 2013
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, 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, 2014 and 2013
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
$19,864,000 and $19,395,000 for the years ended May 31, 2014 and 2013, 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, and charitable remainder trusts. Split-interest agreements which are included in
investments amount to $30,161,000 and $29,013,000 as of May 31, 2014 and 2013, 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 $12,666,000 and $12,997,000
as of May 31, 2014 and 2013, respectively, is adjusted during the term of the agreement for
changes in actuarial assumptions.
7
Boston College
Notes to Consolidated Financial Statements
May 31, 2014 and 2013
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.
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, 2013, from which the summarized information was derived.
Subsequent Events
The University has assessed the impact of subsequent events through September 26, 2014, 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 2013 financial statements have been reclassified to conform to the 2014
presentation.
B.
Accounts, Notes and Other Receivables
Accounts receivable and notes receivable are stated net of allowances for doubtful accounts. As of
May 31, 2014 and 2013 the allowance related to accounts receivable is $3,079,000 and
$3,439,000, 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, 2014 and 2013, the amount due from the Weston Jesuit
Community, Inc. is $17,511,000 and $17,826,000, 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,
2014 and 2013, the allowance related to student notes receivable is $920,000.
8
Boston College
Notes to Consolidated Financial Statements
May 31, 2014 and 2013
C.
Contributions Receivable
Contributions receivable are summarized as follows as of May 31:
(in thousands)
2014
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
2013
$
72,672 $
103,544
2,679
(24,003)
100,152
94,082
6,700
(24,347)
$
154,892
176,587
$
A present value discount of $8,193,000 and $7,950,000 as of May 31, 2014 and 2013, 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 2014 and 2013 at fair value as
determined in accordance with fair value accounting guidance.
Conditional promises of $76,690,000 and $22,742,000 as of May 31, 2014 and 2013, 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, 2014
and 2013, 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.
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, 2014 and 2013, include $29,103,000 and $3,562,000,
respectively, of construction funds held by trustees associated with certain University bond issues
that will be drawn down to fund various construction projects.
9
Boston College
Notes to Consolidated Financial Statements
May 31, 2014 and 2013
Investments, including funds held by trustees, consist of the following as of May 31:
(in thousands)
2014
Cost
Equities
Fixed income
Real assets
2013
Market
Cost
Market
$
1,263,511
631,435
93,754
$
1,859,819
633,773
92,013
$
1,144,696
464,018
97,459
$
1,613,893
463,377
80,725
$
1,988,700
$
2,585,605
$
1,706,173
$
2,157,995
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. The University’s
investments included in Level II and III primarily consist of alternative investments (principally
limited partnership interests). Limited partnership interests with redemption provisions between
quarterly and annual are classified as Level II, others are classified as Level III.
The following tables present the financial instruments carried at fair value as of May 31:
(in thousands)
2014
Level I
Equities
Fixed income
Real assets
Level II
Total
$
888,026
620,532
-
$
639,124
9,970
-
$
332,669
3,271
60,138
$
1,859,819
633,773
60,138
$
1,508,558
$
649,094
$
396,078
$
2,553,730
(in thousands)
2013
Level I
Equities
Fixed income
Real assets
Level III
Level II
Level III
Total
$
690,978
450,548
-
$
612,701
9,743
-
$
310,214
3,086
47,662
$
1,613,893
463,377
47,662
$
1,141,526
$
622,444
$
360,962
$
2,124,932
Excluded from the table above are $31,875,000 and $33,063,000 of real estate investments valued
at cost as of May 31, 2014 and 2013, respectively.
As of May 31, 2014, $16,921,000, $9,969,000 and $3,271,000 of split interest agreements are
included in Level I, Level II and Level III, respectively. As of May 31, 2013, $15,753,000,
$9,743,000 and $3,517,000 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, 2014 and 2013
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, 2014 and 2013, respectively:
(in thousands)
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
2014
Real
Assets
Equities
$
$
177,316
$
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
$
$
177,316
-
100,812
414,843
250,468
28,354
42,339
17,799
414,843
292,807
46,153
971,793
$
177,013
60,138
$
2013
Real
Assets
Equities
$
-
100,812
(in thousands)
Redemption Terms
Total
$
1,031,931
Total
-
$
177,013
113,654
-
113,654
363,674
255,536
13,038
42,357
5,305
363,674
297,893
18,343
922,915
$
47,662
$
970,577
The University is committed to invest in private equity investments up to an additional amount of
$172,300,000 and $132,600,000 as of May 31, 2014 and 2013, respectively.
11
Boston College
Notes to Consolidated Financial Statements
May 31, 2014 and 2013
The following tables include rollforwards of investments classified by the University within Level III
as defined previously as of May 31:
(in thousands)
2014
Fixed
Income
Equities
Fair value, June 1, 2013
$
Transfers
Investment income, net
Realized gains/(losses)
Unrealized gains
Purchases
Sales
Fair value, May 31, 2014
310,214
$
(3,423)
25,496
29,920
27,941
(57,479)
$
3,086
332,669
$
3,271
47,662
Total
$
(562)
(3,832)
10,853
11,469
(5,452)
$
60,138
360,962
(3,795)
21,664
40,768
39,410
(62,931)
$
396,078
2013
Fixed
Income
Equities
$
Transfers
Investment income, net
Realized gains/(losses)
Unrealized gains
Purchases
Sales
Fair value, May 31, 2013
$
190
(5)
-
(in thousands)
Fair value, June 1, 2012
Real
Assets
254,850
$
75,915
(3,218)
41,977
(4,505)
29,479
(84,284)
$
99,687
Real
Assets
$
(95,915)
445
(70)
(69)
8
(1,000)
310,214
$
3,086
45,510
Total
$
(476)
(961)
3,069
4,782
(4,262)
$
47,662
400,047
(20,000)
(3,249)
40,946
(1,505)
34,269
(89,546)
$
360,962
Transfers between levels are recognized at the beginning of the fiscal year and are the result of
changes in liquidity provisions.
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 $14,423,000, for the year ended May 31,
2014.
The University recognized net realized and unrealized gains of $273,082,000 and investment
income of $6,289,000, net of investment advisory fees of $12,983,000, for the year ended May 31,
2013.
12
Boston College
Notes to Consolidated Financial Statements
May 31, 2014 and 2013
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, 2014 and 2013, 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)
2014
Land and improvements
Buildings
Equipment
Library books
Rare book and art collections
Purchase options
Plant under construction
$
Property, plant and equipment, gross
248,987
1,239,313
218,615
178,417
22,310
2,855
91,708
2013
$
2,002,205
Accumulated depreciation/amortization
1,901,613
(753,054)
Property, plant and equipment, net
13
$
1,249,151
244,983
1,218,970
205,604
170,064
21,288
2,855
37,849
(703,483)
$
1,198,130
Boston College
Notes to Consolidated Financial Statements
May 31, 2014 and 2013
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,
2014 and 2013 amounted to $51,796,000 and $49,523,000, 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 $3,568,000 and $3,401,000
for the years ended May 31, 2014 and 2013, 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 $14,911,000 and $9,310,000 in gross plant assets for the years ended May 31,
2014 and 2013, respectively.
Property, plant and equipment additions of $11,686,000 and $9,886,000 included in accrued
liabilities are reflected as a noncash item in the statement of cash flows for the years ended
May 31, 2014 and 2013, respectively.
The University recognized $407,000 and $395,000 of operating expenses relating to the accretion
of liabilities associated with the retirement of long-lived assets, for the years ended May 31, 2014
and 2013, respectively. Conditional asset retirement obligations of $8,506,000 and $7,821,000 as
of May 31, 2014 and 2013, respectively, are included in accrued liabilities.
The University has commitments of $38,071,000 to complete various construction projects as of
May 31, 2014.
14
Boston College
Notes to Consolidated Financial Statements
May 31, 2014 and 2013
G.
Bonds and Mortgages Payable
Bonds and mortgages payable consist of the following as of May 31:
(in thousands)
2014
Massachusetts Health and Educational Facilities Authority (MHEFA)
Boston College Issues (fixed rate)
Series K, 5.38%, due 2014
Series M, 5.00 - 5.50%, due 2023 - 2035
Series N
$
5,205
134,285
-
2013
$
10,140
134,285
96,300
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 2014-2029
Series R, 4.00 - 5.00%, due 2014-2040
Series S, 2.00 - 5.00%, due 2014-2038
176,980
80,810
179,610
142,475
176,980
85,035
185,635
-
Trustees of Boston College (fixed rate)
Taxable Bonds, Series 2013, 0.73 - 5.09%, due 2015-2043
181,030
-
5,755
695
6,280
856
Bonds and mortgages payable, par
906,845
695,511
Net unamortized original bond issue premium
49,886
39,255
Department of Education (fixed rate)
Library building bonds, 3.41%, due 2014 - 2022
Secured note, 3.00%, due 2014 - 2018
Bonds and mortgages payable, net
$
956,731
$
734,766
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, 2014, principal payments due on all long-term bonds and mortgages payable are as
follows: 2015 - $18,661,000; 2016 - $25,271,000; 2017 - $26,256,000; 2018 - $27,367,000;
2019 - $28,580,000 and thereafter - $780,710,000.
As of May 31, 2014 and 2013, the estimated fair values of bonds and mortgages payable based on
Level II inputs are $1,068,414,000 and $840,654,000, 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, 2014 and 2013 amounted to $38,440,000 and
$31,580,000, 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 $1,901,000 and $2,034,000 for the years ended May 31, 2014 and
2013, respectively.
The University has an agreement for a $75,000,000 unsecured line of credit. As of May 31, 2014
and 2013, there was no balance outstanding on the line of credit.
15
Boston College
Notes to Consolidated Financial Statements
May 31, 2014 and 2013
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 are being used to finance the
construction of dormitory facilities, upgrades to St. Mary’s Hall, 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
2014
2013
2014
2013
Unrestricted
2014
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
821,521
-
2013
$
734,202
-
$
377,932
17,413
$
273,325
10,405
$
781,897
39,783
$
749,920
28,515
321
109,155
1,016
124,886
516
136,726
1,362
150,712
238
1,399
(178)
(777)
109,476
125,902
137,242
152,074
1,637
(955)
(41,597)
(41,725)
(51,691)
(49,481)
(128)
(10)
3,291
(149)
(2,947)
(820)
(6,822)
(1,569)
-
-
10,139
(1,565)
5,489
(1,072)
Endowment net assets, end of year
Board designated
889,262
821,521
132,847
444,516
-
106,068
465,702
-
Donor restricted
Designated for specific purposes
Net investment in plant
Program support
Contributions for plant assets
Student loans
Total net assets
I.
$
1,466,625
$
1,393,291
$
477,129
377,932
831,891
781,897
54,667
59,403
865
49,997
65,404
842
-
-
592,064
$
494,175
$
831,891
$
781,897
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, 2014 and 2013, the University’s contributions to the
retirement program were $22,756,000 and $22,095,000, 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.
16
Boston College
Notes to Consolidated Financial Statements
May 31, 2014 and 2013
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)
2014
Service cost
Interest cost
Amortization of prior service cost
Amortization of loss
$
Net periodic postretirement benefit cost
Net loss (gain)
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
$
3,329
2,965
(757)
287
2013
$
3,035
2,706
(1,121)
220
5,824
8,284
757
(287)
4,840
(6,301)
1,121
(220)
8,754
(5,400)
14,578
$
(560)
In fiscal 2015, the prior service cost credit of $(757,000) and unrecognized net loss of $830,000 are
expected to be amortized as a component of net periodic postretirement benefit cost.
The assumed annual rates of increase for measuring the obligation at May 31, 2013 and
determining the cost for the year ending May 31, 2014 were: 7.5% in the per capita cost of covered
health care benefits for post-65 benefits and 8.0% 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 2018 and
remain at that level thereafter. 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.
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
$
981
12,421
Decrease
$
(711)
(10,140)
The discount rate used to determine the accumulated benefit obligation is 4.50% as of both
May 31, 2014 and 2013. The discount rate used to determine the net periodic postretirement
benefit cost is also 4.50% as of both May 31, 2014 and 2013.
17
Boston College
Notes to Consolidated Financial Statements
May 31, 2014 and 2013
A reconciliation of the accumulated postretirement benefit obligation and plan assets are as follows
as of May 31:
(in thousands)
2014
Reconciliation of accumulated postretirement
benefit obligation
Benefit obligation, beginning of year
Service cost
Interest cost
Plan participant contributions
Part D subsidy received
Actuarial loss (gain)
Benefits paid
2013
$
65,494
3,329
2,965
529
8,284
(2,319)
$
67,447
3,035
2,706
482
310
(6,301)
(2,185)
Benefit obligation, end of year
$
78,282
$
65,494
Amounts recognized in consolidated statement
of financial position consist of
Accrued liabilities
$
78,282
$
65,494
$
(2,328)
16,012
$
(3,085)
8,015
$
13,684
$
4,930
Amounts not yet recognized as a
component of net periodic benefit cost
Prior service cost
Net actuarial loss
The change in the post-retirement benefit obligation is principally due to the use of an updated
mortality table and is reflected in the 2014 actuarial loss.
Expected benefit payments, net of participant contributions, are as follows: 2015 - $2,408,000;
2016 - $2,627,000; 2017 - $2,849,000; 2018 - $3,069,000; 2019 - $3,276,000; and the five fiscal
years thereafter - $19,878,000.
J.
Related Party
The University has mortgages, loans and notes due from various related parties of $21,881,000
and $21,957,000 as of May 31, 2014 and 2013, 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.
The University leases facilities under various operating lease agreements, the last of which expires
in fiscal 2020. The University incurred operating lease expenses of $446,000 and $897,000 for the
years ended May 31, 2014 and 2013, respectively. At May 31, 2014, the minimum aggregate
commitments for all current operating leases are as follows: 2015 - $377,000; 2016 - $377,000;
2017 - $378,000; 2018 - $380,000; 2019 - $351,000 and thereafter - $157,000.
18
Schedule of Expenditures of Federal Awards
Boston College
Schedule of Expenditures of Federal Awards
Year Ended May 31, 2014
Award Number /
Pass-Through Number
Project Title
Pass-Through Entity
CFDA #
PassThrough
Direct
Total
Research and Development Cluster
Department of Defense
Narrowband Perfect Absorber for Infrared Sensing
Atmospheric Model Assessment
Development of Rapid, Quantitative, & Cost Effective
Measurement of Nonvolatile PM Emissions from Military
Aircraft Compliant with Certification Regulatory Compliance
12166BCOL
12.
12.
ARI 10916-1
Srico, Inc
Anasphere, Inc
$
-
Aerodyne Research, Inc.
-
Department of the Air Force
Forecasting the Appearance and Evolution of Ionospheric
Irregularities and Structures - Their Effects on AF Systems
Space Weather: Measurements, Models, and Predictions
Space Weather: Plasma Environments and Sensor Technology
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
Directionally-Tailored Infrared Emission and/or Transmission
$
6,813
26,780
8,394
8,394
41,987
41,987
12.
12.
12.
12.
934,317
247,398
547,777
83,377
934,317
247,398
547,777
83,377
FA9453-12-C-0205
12.
162,182
162,182
FA9453-12-C-0239
SMXB-FA9453-13-C-0005
12.
12.
355,048
SensorMetriX
2,330,099
51,487
355,048
51,487
51,487
2,381,586
FA9550-10-1-0096
12.800
3,509
3,509
FA9550-12-1-0437
12.800
163,289
163,289
FA9453-13-1-0253
FA9550-10-0533
12.800
12.800
51,515
Ohio State University
Subtotal of 12.800
218,313
Advanced Simulation and Analytical Research to Detect
and Characterize Resident Space Objects
6,813
26,780
FA8718-09-C-0041
FA8718-10-C-0001
FA8718-10-C-0002
FA9453-12-C-0140
Subtotal of 12.
Understanding the Physics Behind Ionospheric and Plasmaspheric
Density Irregularities by Utilizing Multi-Instrument Observations Data
Investigation of the Longitudinal Dependence of Ionospheric
Density Distribution and its Driving Mechanisms
High Performance Computing Applications: Solar Dynamo Model Project 2: Corona
and Heliosphere Component Initialization, Integration and Validation
(MURI-FY'10) Cryogenic Pektier Cooling
$
74,359
51,515
74,359
74,359
292,672
12.
FA9453-11-C-0247
842,251
842,251
The Next Generation MODTRAN Improved Atmospheric
Correction of Spectral Imagery
High Speed Direct View Infrared Displays for Panoramic
Scene Generation-Phase II SBIR
Rapid EDP and TID Specifications for OTHR Applications (SBIR Phase 1)
GPS Awareness Enabling Algorithms for Theater and Space Environment
3247-10-47
12.
Spectral Sciences, Inc.
31,470
31,470
SMXBFA865113C0161
LDI20130906-2
Subcontract #117-01
12.
12.
12.
SensorMetrix
Lowell Digisonde International, LLC
Atmospheric & Space Technology
Research Associations
20,347
16,600
20,347
16,600
34,996
Space Physics and Chemistry Experiments (SPACE)
New DMSP Data Products for Space Weather Modeling and Forecasting
FA9453-14-C-0206
FA9453-14-C-0203
12.
12.
34,996
291,983
34,259
229,259
3,946,164
291,983
34,259
3,716,905
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, 2014
Project Title
Award Number /
Pass-Through Number
CFDA #
Pass-Through Entity
PassThrough
Direct
Total
Research and Development Cluster, continued
Department of the Navy
Novel Active Metamaterial Electronics at Terahertz Frequencies
CME Research and Space Weather Support for the SECCHI
Experiments on the STEREO Mission
Determination of HF Propagation Prediction Using GPS
Thermal Transport in Novel Semiconductors and Nanomaterials from First Principles
Modeling Studies of Lower Atmospheric Influences on Ionospheric
Electrodynamics and Equatorial Tec/Scintillation Climatology
Exploration of Metamaterials for THZ Detection & Imaging Spatial
Light Modulation and Compressive Sensing
Tailoring HF Propagation with Artificial Plasma Layers
Longitude and Hemispheric Dependence of Space Weather
N00014-07-1-0819
12.300
62,198
62,198
N00173-10-1-G001
N00244-14-1-0012
N00014-13-1-0234
12.300
12.300
12.300
6,287
42,191
56,402
6,287
42,191
56,402
N00014-09-1-0432
12.000
2,780
2,780
N00014-11-1-0583
N00244-12-1-0049
N00014-12-1-1018
12.300
12.300
12.300
228,637
65,668
179
228,637
65,668
179
464,342
National Security Agency
Einstein Series
Homology of Arithmetic Groups and Galois Representations
H98230-13-1-0246
H98230-13-1-0281
12.901
12.901
50,437
32,924
83,361
Defense Threat Reduction Agency
New Organic Scintillators for Neuron Detection
HDTRA-1-11-0045
12.
Radiation Monitoring Devices, Inc
-
Department of the Interior
Geological Survey
Hypocenter and Focal Mechanism Determination of the August 23, 2011 Virginia Earthquake
Aftershock Sequence: Collaborative Research with Virginia Tech and Boston College
IPA
G13AP00043
15.807
83,361
104,026
104,026
104,026
104,026
31,196
78,688
-
109,884
20.
11-G-006
20.108
181,018
3001768973
43.
43.
University of Michigan
Subtotal of 43.
-
Investigation of the Low-Latitude Electrodynamics and Seeding Conditions
of Plasma Structures by Utilizing Multi-Instrument Observations
Heliospace Analysis Tools for the NASA Coordinated Community Modeling Center
The Onset and Propagation of Magnetic Flux Ropes from the Sun through the Heliosphere
Investigation of Post-CME Current Sheets
50,437
32,924
-
31,196
78,688
181,018
National Aeronautics & Space Administration
A 3D Climate and Weather Global Topside Ionosphere and Plasmasphere Model
464,342
15.
109,884
Department of Transportation
Federal Aviation Administration
Ionospheric Research in Support of Next Generation Satellite Based Augmentation Systems
-
NNX11AP02G
NNX11AQ91G
F99053CHL
NNX13AG54G
43.001
43.001
43.001
43.001
181,018
37,352
37,352
37,352
130,864
82,079
Southwest Research Institute
Subtotal of 43.001
The accompanying notes are an integral part of the schedule of expenditures of federal awards.
20
181,018
-
39,238
70,580
37,352
130,864
82,079
39,238
70,580
283,523
39,238
322,761
283,523
76,590
360,113
Boston College
Schedule of Expenditures of Federal Awards
Year Ended May 31, 2014
Award Number /
Pass-Through Number
Project Title
CFDA #
Pass-Through Entity
Direct
PassThrough
Total
Research and Development Cluster, continued
National Science Foundation
RG; Characters, Liftings, and Types; Investigations in p-acidic Representation Theory
DMS-0854909
47.
47.
20,610
Subtotal of 47.
20,610
Collaborative Research: Ab Initio Computation of Phonon Thermal
Transport in Crystalline and Disordered Materials
Collaborative Research: The Optimal Timing of Kidney Exchanges: A Markov Game Approach
Development and Nanoscale Characterization of Back-Gated Topological Devices
Terahertz Compressive Imaging With Tunable Metamaterial Absorbers
CBET-1066634
CMMI-1069100
ECCS-1232105
ECCS-1309966
47.041
47.041
47.041
47.041
43,857
21,122
136,146
107,102
Subtotal of 47.041
308,227
Dynamical Processes in Strongly Coupled Complex Plasmas
New Methods in Stereoselective Synthesis
Collaborative Research: Research on Strongly Coupled Plasmas
Hegard Splitting and Surgery of 3-Manifolds
Energy Parameters and Novel Algorythims for an Extended
Nearest Neighbor Energy Model of RNA
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
CAREER: Application of Reversible Covalent Linkages in Organic Catalysis
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
William Rowan Hamilton Geometry and Topology Workshop
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
Heegaard Splitting of 3-Manifolds
Local Langlands Correspondence for Reductive p-adic Groups
Problems in Low dimensional Geometry and Topology
Hyperbolic 3-Manifold Invariants and Applications
Norel Polypyridine Ligands: Synthesis, Characterization, and Applications.
Modularity Lifting in Non-Regular Weight
RNMS: Geometric Structures and Representation Varities
CAREER Workshop for Materials Scientists & Engineers
Collaborative Research: AGNES - Algebraic Geometry Northeastern Series
20,610
-
20,610
43,857
21,122
136,146
107,102
-
308,227
PHY-0715227
CHE-0715138
PHY-0813153
DMS-1005556
47.049
47.049
47.049
47.049
35,344
38,880
39,777
43,403
35,344
38,880
39,777
43,403
DMS-1016618
DMR-1056625
47.049
47.049
17,568
102,638
17,568
102,638
DMR-1055762
CHE-1111074
PHY-1105005
CHE-1112188
DMS-1200329
CHE-1150393
DMR-1151440
47.049
47.049
47.049
47.049
47.049
47.049
47.049
102,649
177,671
50,776
61,239
41,059
92,345
89,932
102,649
177,671
50,776
61,239
41,059
92,345
89,932
CHE-1149096
DMS-1237412
DMS-1207812
DMS-1239001
47.049
47.049
47.049
47.049
165,920
7,509
48,410
5,855
165,920
7,509
48,410
5,855
DMS-1151671
DMS-1201480
PHY-1208521
47.049
47.049
47.049
66,126
59,970
68,137
66,126
59,970
68,137
DMS-1259226
47.049
50,019
50,019
DMS-1251064
DMS-1308678
DMS-1314010
DMS-1311134
DMR-1305647
DMS-1305613
DMS-1303418
00002126
DMS-1308642
47.049
47.049
47.049
47.049
47.049
47.049
47.049
47.049
47.049
46,055
48,040
34,565
14,072
109,643
21,539
46,943
46,055
48,040
34,565
14,072
109,643
21,539
46,943
10,955
21,603
CHE-1361618
DMS-1440703
2011-02478-03 (A0872)
DMR-1340410
5258660/24391
47.049
47.049
47.049
47.049
47.049
Subtotal of 47.049
Princeton University
10,955
21,603
105,762
1,238
University of Illinois
51,360
1,936,975
70,928
University of Connecticut
1,885,615
The accompanying notes are an integral part of the schedule of expenditures of federal awards.
21
19,618
105,762
1,238
20,787
70,928
19,618
20,787
Boston College
Schedule of Expenditures of Federal Awards
Year Ended May 31, 2014
Award Number /
Pass-Through Number
Project Title
CFDA #
Pass-Through Entity
PassThrough
Direct
Total
Research and Development Cluster, continued
PostDoctoral Research Fellowship
Subtotal of 47.075
SMA-1203658
Science Educators for Urban Schools
Graduate Research Fellowship Program (GRFP)
Graduate Research Fellowship
Efficient and Sustainable Nanocoax-Based Dye-Sensitized Solar Cell
FACES Postdoctoral Fellowship
Graduate Research Fellowship, Iron Pyridyl Diimine Catalyst for the Production of a
Tunable Biodegradable Polymer
Graduate Research Fellowship
DUE-0833278
DGE-1258923
DGE-1258923
DGE-1258923
47.075
DGE-1258923
47.076
47.076
47.076
47.076
47.076
47.076
DGE-1258923
47.076
5,630
5,630
134,620
50,035
35,321
26,303
Georgia Institute of Technology
187
34,683
34,318
Subtotal of 47.076
315,280
CAREER: Land Use, Geologic and Climatic Controls on Stream Processes in
Northern New England Using Airborne Laser Swath Mapping
Collaborative Research: Laboratory Studies of Formation, Aging and
Physicochemical Properties of Atmostpheric Organic Particulate Matter
GEM: Solar Wind Triggering, Periodically, and Evolution of
Sawtooth Events During Magnetic Storms
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
Conference Support for the International AGU Chapman
Conference on Longitude and Hemispheric Dependence on
Space Weather; Addis Ababa, Ethiopia, November 12-16, 2012
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
34,318
187
315,467
35,696
35,696
ATM-0854916
47.050
1,373
1,373
AGS-1003562
47.050
3,936
3,936
AGS-0854916
47.050
8,656
8,656
OCE-1234164
47.050
81,492
81,492
AGS-1236955
47.050
AGS-1135675
47.050
364,382
364,382
AGS-1244918
47.050
22,569
22,569
AGS-1242476
47.050
78,027
(380)
CCF-0915065
IIS-0953285
IIS-1018641
47.070
47.070
47.070
47.070
(380)
78,027
-
595,751
20,155
8,159
99,321
37,489
20,155
20,155
165,124
8,159
99,321
37,489
SimBiotic Software
Subtotal of 47.070
144,969
MCB-0744590
MCB-0958515
47.074
47.074
2,647
119,446
2,647
119,446
DBI-1063222
MCB-1244425
47.074
47.074
(615)
141,116
(615)
141,116
DBI-1262439
IOS-1253386
47.074
47.074
185,674
95,660
185,674
95,660
Subtotal of 47.074
543,928
What Do People Want to Feel? Strategic Emotion Regulation in Negotiations
Sleep-Depressant Preservation of Emotional Memory:EEG and fMRI Investigations
Scripts: Children's Understanding of Emotions
Understanding and Facilitating Numerical Discriminations in Infancy
134,620
50,035
35,321
26,303
187
34,683
47.050
595,751
Chromatin Biosynthesis: Tetramer Assembly and the Predeposition Code
Functional Group Interactions in DNA-Protein Recognition
Collaborative Research: IDBR: Metamaterial Enhanced Spectrometer for
Terahertz Hyperspectral Imaging of Biological Specimens
Collaborative Research: BIOMAPS Control of Spindle Positioning and Cytokinesis
ABI Innovation: Engineering Molecular Scissors by Computational
Design with Experimental Validation
CAREER: Vasopressin-Mediated Regulation of Juvenile Social Behaviors
5,630
5,630
EAR-645343
Subtotal of 47.050
SHF: AF: Small: Algebraic Methods for the Study of Logics on Trees
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
-
SES-0920918
BCS-0963581
BCS-1025563
BCS-1056726
47.075
47.075
47.075
47.075
Subtotal of 47.075
38,478
68,992
31,100
112,276
250,846
The accompanying notes are an integral part of the schedule of expenditures of federal awards.
22
-
543,928
38,478
68,992
31,100
112,276
-
250,846
Boston College
Schedule of Expenditures of Federal Awards
Year Ended May 31, 2014
Award Number /
Pass-Through Number
Project Title
CFDA #
Pass-Through Entity
PassThrough
Direct
Total
Research and Development Cluster, continued
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
Graduate Research Fellowship
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
Observation and Visualization in Science and Art
What Mathematics Do Students Know? Implications from NAEP for Curriculum and Policy
Constructing and Critiquing Arguments in Middle School Science Classrooms: Supporting
Teachers with Multimedia Educative Curriculum Materials
DRL-0833624
DUE-1140428
47.076
47.076
232,433
59,818
232,433
59,818
HRD-1231623
DGE-1258923
47.076
47.076
163,179
(10,000)
163,179
(10,000)
DRL-1223173
47.076
85,264
85,264
DRL-1313513
47.076
152,383
152,383
DRL-1312073
DUE-1339601
DUE-1244936
5638
BL-4840302-BC
47.076
47.076
47.076
47.076
47.076
153,521
71,095
96,485
Education Development Center, Inc.
Indiana University
153,521
71,095
96,485
7,492
33,900
00007716
47.076
University of California, Berkeley
Subtotal of 47.076
7,492
33,900
1,004,178
Integrated Evaluation of Mantle Xenoliths from the Fosdick Mountains, Antarctica
ANT-1246320
47.078
120,984
5054960-118114
47.079
Harvard University
Subtotal of 47.079
-
Connections Between Khovanov and HeegardFloer-type Homology Theories - ARRA
A Computational and Experimental Approach to Characterizing Noncoding Selection in Coding Sequences - ARRA
1,176,104
120,984
-
120,984
24,448
24,448
24,448
24,448
DMS-1030796
47.082
5,947
5,947
EF-0850155
47.082
(1,587)
(1,587)
Subtotal of 47.082
4,360
5,200,378
Environmental Protection Agency
Investigating the Effects of Atmospheric Aging on the Radiative
Properties and Climate Impacts of Black Carbon Aerosol
130,534
171,926
120,984
Subtotal of 47.078
Exploring Methods for Improving Teachers' Mathematical Quality of Instruction
130,534
-
4,360
268,076
5,468,454
45,115
45,115
45,115
45,115
66.
5710003178
66.509
Massachusetts Institute of Technology
-
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, 2014
Award Number /
Pass-Through Number
Project Title
CFDA #
Pass-Through Entity
PassThrough
Direct
Total
Research and Development Cluster, continued
Department of Energy
Osmoregulation in Methanogens
High Temperature Chemistry of Aromatic Hydrocarbons
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)
DE-FG02-91ER20025
DE-FG02-93ER14359
DE-SC0005240
DE-SC0006980
DE-SC0008615
DE-SC0002554
5710002627
81.
81.049
81.049
81.049
81.049
81.049
81.049
81.049
4,793
173,515
105,887
154,668
165,208
126,710
Massachusetts Institute of Technology
Subtotal of 81.049
730,781
Novel Carbon (C) Boron (B) Nitrogen(N) containing h2 storage materials
DE-EE0005658
81.087
226,126
5710003118
81.089
Massachusetts Institute of Technology
Subtotal of 81.089
Department of Education
National Center on the Use of Emerging Technologies to Improve Literacy Achievement
for Students with Disabilities in Middle School (CET)
Investigating and Enhancing School Networks that Support Improved Student Achievement
PIRLS 2011 NCES - Federal
BC0913-16
IEA/BC 18
84.327M
84.283B
84.
TIMSS 2015 NCES - Federal
IEA/BC 19
84.
Investigating Vocabulary Breadth and Depth and Comprehension on Monolingual
and Spanish-English Bilingual Upper Elementary School Students
Jacob K. Javits Fellows
National Leadership Consortium in Sensory Disabilities Fellowship
226,126
56,187
56,187
56,187
56,187
956,907
128,935
1,085,842
42,807
141,004
42,807
141,004
529,209
529,209
908,751
Z205601
P170B110027
83401
84.305
84.170
84.325
908,751
794
794
5,000
30,404
1,657,969
CAST Inc.
Education Northwest
International Association for the Evaluation of
Educational Achievement
International Association for the Evaluation of
Educational Achievement
University of Maryland
5,000
Salus University
1U01HG006513-01
P.O.# 201995
1R01HG004719-01
93.
93.172
93.172
93.172
R01MH080833
5142sc
4R00MH093412
1R15MH102807
R00MH095768
0253-6142-4609
93.242
93.242
93.242
93.242
93.242
93.242
98,676
1,480,602
8,818
373,944
(60,000)
158,337
7,340
95,256
8,818
(51,182)
583,695
(60,000)
158,337
7,340
95,256
Mount Sinai School of Medicine
257,486
9,953
Harvard School of Public Health
Subtotal of 93.361
30,373
126,561
394,000
The accompanying notes are an integral part of the schedule of expenditures of federal awards.
24
1,199,595
98,676
182,331
373,944
University of California, San Francisco
634,877
93.361
93.361
93.361
93.361
98,676
182,331
Subtotal of 93.242
1R011NR010552-01A1
1R15NR011353
112492-5056082
R15NR013274
30,404
1,652,969
1,199,595
The Jackson Laboratory
1,381,926
Mechanisms Underlying Preterm Birth in Minority Women
Adult Male Survivor's Healing from Childhood Maltreatment
Novel Epigenomic Biomarkers, Prenatal Risk Factors, and Childhood Obesity
Spousal Involvement in Adherence to CPAP Treatment
226,126
-
84.
Subtotal of 93.172
How Emotion Affects Memory for Detail: Behavioral and Neuroimaging Investigations
Macrophage Targeted Therapy for HAD and HIV Disease
Safety Learning and Plasticity in the Insular Cortex
Sex and Age Differences in the Regulation of Social Recognition
Function of Microtubule Plus-End-Tracking Proteins in the Neuronal Growth Cone
The Mount Sinai Institute for Neuro AIDS Disparities
803,529
-
5,000
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
72,748
226,126
Subtotal of 81.087
Phonon Thermal Transport in BiSbTe and BiSbSe Alloys from First Principles
72,748
4,793
173,515
105,887
154,668
165,208
126,710
72,748
30,373
257,486
9,953
30,373
126,561
424,373
Boston College
Schedule of Expenditures of Federal Awards
Year Ended May 31, 2014
Award Number /
Pass-Through Number
Project Title
CFDA #
Pass-Through Entity
PassThrough
Direct
Total
Research and Development Cluster, continued
A Novel Nanocoaxial Biosensor for Detection of Cancer Biomarkers
1R21CA137681-01A1
93.394
36,389
Subtotal of 93.394
36,389
Regional Native American Community Networks Program: Training Core
755849
93.397
University of Washington
Subtotal of 93.397
-
Collaborative to Improve Native Cancer Outcomes (CINCO) Training
754924
93.399
University of Washington
Subtotal of 93.399
-
Early Physical Health Problems as Developmental Liabilities for School Readiness: Associations
with Early Childhood Education & Family Resources
90YE0147-01-00
93.575
16,295
1RC2HG005552-01
1R15GM093978-01
93.701
93.701
136,269
1R01DK085721-01A1
93.847
288,780
9 R01 NS055195-05A2
R01 NS040237
6148033/RFS2013109
R01NS082116
UF12039
UF13028
ZA06495
93.853
93.853
93.853
93.853
93.853
93.853
93.853
1R01AI081924
7U01A1075563
1R01AI0905092-01A1
1R01AIO95092
R21AI100216
149047.5045818.1057
R03AI107475
R21AI099658
RS20111966-02
93.855
93.855
93.855
93.855
93.855
93.855
93.855
93.855
93.855
15,233
16,295
-
16,295
-
136,269
87,307
48,962
288,780
-
214,847
University of Florida
University of Florida
Research Corporation of University of Hawaii
(1,016)
92,418
10,071
101,500
231,269
405,916
325,298
519,463
198,096
Harvard Medical School
The accompanying notes are an integral part of the schedule of expenditures of federal awards.
91,456
280,388
27
214,847
(1,016)
92,418
10,071
688,191
15,901
125,709
1,930,983
109,808
University of Oklahoma
288,780
231,269
405,916
325,298
519,463
198,096
109,808
72,974
52,258
15,901
72,974
52,258
1,805,274
25
15,233
15,233
27
586,691
Subtotal of 93.855
15,233
91,456
280,388
University of Massachusetts - Worcester
Subtotal of 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
New England Regional Center of Excellence in Biodefense and Emerging Infections Diseases
Organization of Toxoplasma Invasion and Cell Division by EF-Hand Proteins
The Role of the DOC2.1 Protein in Toxoplasma Gondii Ca2+- Dependent Exocytosis
Control of Toxoplasma Gondii Growth by the Host Cell Transcription Factor HIF-1
14,000
288,780
Subtotal of 93.847
Glycosphingolipids in Murine Neurodegenerative Diseases
Monocyte Traffic and Neuropathogenesis of AIDS
AAV-Mediated Gene Therapy for GM2-Gangliodoses
Monocyte/Macrophage Traffic and Peripheral Nerve Pathogenesis
Viral Evolution in Peripheral Macrophage and Brain During Progression to AIDS
Viral Evolution in Peripheral Macrophages and Brain During Progression to AIDS
HIV-1 Specific Immune Responses in the Thai Individuals with HIV Dementia
14,000
14,000
87,307
48,962
Subtotal of 93.701
Forebrain Circuits and Control of Feeding Behavior by Learned Cues
36,389
14,000
16,295
Subtotal of 93.575
Modular Software for Sequence Data Quality Checking, Alignment & Variant-Calling - ARRA
Control of Early Embryonic Cell Polarity in a Model Deuterostome - ARRA
36,389
-
Boston College
Schedule of Expenditures of Federal Awards
Year Ended May 31, 2014
Award Number /
Pass-Through Number
Project Title
CFDA #
Pass-Through Entity
Direct
PassThrough
Total
Research and Development Cluster, continued
Development of New Catalytic and Enantioselective Reactions
Molecular Basis of Cellular Control Mechanisms
Activation of PI-Specific Phospholipase C Enzymes
Catalytic and Stereoselective C-C Bond Forming Reactions
Development and Study of Enzyme Functional Mimics
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
2R01GM057212
2R01GM26237-29
2 R01 GM060418-05
2 R01 GM047480-14
7R01 GM059417-08
1R01GM087581-01A1
5710003176
R01GM064451
1R01GM102735-01
R01GM094541
93.859
93.859
93.859
93.859
93.859
93.859
93.859
93.859
93.859
93.859
274,223
14,788
261,240
267,257
257,043
154,909
Massachusetts Institute of Technology
241,743
364,279
327,447
208,758
Subtotal of 93.859
2,129,944
Early Childhood Intervention Study - Improving the Language and Literacy
Skills of Spanish-English Bilingual Kindergartners
Novel Genetic and Salivary Glycan Biomarkers for Risk in NEC in ELBW infants
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
Novel Probes for Studying Treatment of CNS-based Lysosomal Storage Diseases
Culture, Family Process, and Developmental Outcomes in Asian American Youth
2P01 HD39530-60A2 24
106195
105419
1R01HD061930-2
R00HD068506
3002628871
FP049758
93.865
93.865
93.865
93.865
93.865
93.865
93.865
Center for Applied Linguistics
Cincinnati Children's Hospital & Medical Center
Cincinnati Children's Hospital & Medical Center
Subtotal of 93.865
738,460
Physical Health in Midlife: Influences of Adversity and Relationships
The Impact of Long-Term Care Insurance
Social Origins and Neural Underpinning of Late Life Wellbeing
1R01AG041105-01
217312
93.866
93.866
93.866
Judge Baker Children's Center
201,515
747041
200-2013-M-54515
93.937
93.
5RRC0898402-03-00
10-P-98361-1
2 RRC08098402-06-00
96.
96.007
96.007
96.007
University of Washington
2,809
86,886
250,301
79,391
28,475
2,809
86,886
250,301
567,042
171,418
79,391
28,475
447,862
1,186,322
28,959
11,823
28,959
201,515
11,823
40,782
242,297
(150)
4,497
8,354,917
Social Security Administration
SSA Retirement Research Consortium
The Center for Retirement Research at Boston College - Annual Work Plan Fiscal Year 2006
Retirement Research Consortium
2,371,687
201,515
Massachusetts General Hospital
Subtotal of 93.866
Regional Native American Community Networks Program: Training Core
Vietnam Sex Networks
241,743
567,042
171,418
University of Michigan
University of Chicago
1,064,546
1,137,282
(1,261)
997,958
2,133,979
274,223
14,788
261,240
267,257
257,043
154,909
241,743
364,279
327,447
208,758
(150)
4,497
9,419,463
1,137,282
(1,261)
997,958
-
2,133,979
Congressional Research Service
Reducing Leakages in 401(K) Retirement Savings
CRS# 13-08
Total Research and Development Cluster
42.
12,782
21,502,996
The accompanying notes are an integral part of the schedule of expenditures of federal awards.
26
12,782
3,611,503
25,114,499
Boston College
Schedule of Expenditures of Federal Awards
Year Ended May 31, 2014
Award Number /
Pass-Through Number
Project Title
CFDA #
Pass-Through Entity
PassThrough
Direct
Total
Student Financial Aid Cluster
Department of Education
S.E.O.G. Program
Pell Grant Program
College Work Study Program
Perkins Loan Program ACA
Teach Grant
84.
84.007
84.063
84.033
84.038
84.379
1,425,815
5,571,818
2,017,172
361,540
32,878
Total Student Financial Aid Cluster
9,409,223
Other Programs
Department of Agriculture
Community Supported Agriculture: Factors Affecting Survivability
United States Department of State
Exchange Programs for Northern Ireland and the Republic of Ireland
Exchange Programs for Northern Ireland and the Republic of Ireland
Subtotal of 19.012
The Professional Fellows Exchange Program
GNE12-048
S-ECAPE-11-GR-135
S-ECAPE-12-GR-136
S-ECAGD-13-GR-194CD
10.
10.215
University of Vermont & State Agricultural College
19.
19.012
19.012
19.415
Subtotal of 19.415
National Endowment for the Arts
The Arts & Economic Vitality: Investigating the Relationship Between Arts Involvement,
Entrepreneurship and Innovation in the Workplace
1,425,815
5,571,818
2,017,172
361,540
32,878
-
9,409,223
3,500
3,500
-
3,500
3,500
17,879
245,503
263,382
-
17,879
245,503
263,382
57,072
57,072
57,072
-
57,072
320,454
-
320,454
25,000
-
25,000
486,160
-
486,160
45.
13-3800-7003
Department of Veterans Affairs
45.024
64.
Veteran Directed Home and Community Based Service Programs
Department of Education
Teaching Academic Language in the Content Areas: Enhancing
Achievement for English Language Learners
TRIO Cluster - Student Support Services Program
Ronald E. McNair Post-Baccalaureate Achievement
Post-Doc Fellows for Leadership in Universal Design for Learning
VA244-P-1554
64.
T195N070133
84.
84.195
5,151
5,151
P042A101233
P217A120176
H325D090016
84.042
84.217
84.325
279,245
234,334
86,153
279,245
234,334
86,153
604,883
The accompanying notes are an integral part of the schedule of expenditures of federal awards.
27
-
604,883
Boston College
Schedule of Expenditures of Federal Awards
Year Ended May 31, 2014
Award Number /
Pass-Through Number
Project Title
CFDA #
Pass-Through Entity
PassThrough
Direct
Total
Other Programs, continued
Department of Health and Human Services
Social Work HIV/AIDS 2002 National Conference
Participant-Directed Training and Technical Assistance for Integrated Care Service Delivery
240-96-0037
06947S03176
93.
93.
93.
John Snow Inc.
Mathematica Policy Research, Inc.
Subtotal of 93.
-
Accelerating Adoption of Participant Direction Philosophy and Models in the Aging Network
90CP0143/01
93.048
16,619
72,108
16,619
72,108
88,727
88,727
213,598
Subtotal of 93.048
213,598
213,598
Keys to Inclusive Leadership in Nursing
D19HP14617
93.178
-
Subtotal of 93.178
5,022
5,022
Sex-Specific Regulation of Social Behavior: Focus on Oxycotin and Neural Circuits
F31 MH100891
93.242
D09HP07456
93.247
-
29,222
29,222
-
30,439
30,439
106121
106121
93.286
93.286
Brigham and Women's Hospital
Brigham and Women's Hospital
-
Nurse Education Practice and Retention: RI
Nurse Education, Practice, Quality, and Retention - Interprofessional Collaborative Practice
216770
1 UD7HP25059-01-00
93.359
93.359
1K23NR011175-01A1
93.361
Massachusetts General Hospital
431,827
93.779
Thompson Reuters Healthcare Inc.
Subtotal of 93.779
-
Study of Medicaid Managed Long-Term Services and Supports
Clearinghouse for the Community Living Exchange Collaborative
Building the Business Capacity of Aging and Disability Community-Based
Networks for Managed Long-Term Services and Supports
Home and Community Based Service (HCBS): Technical
Assistance for Self-Directed and HCBS
ASPE7003T-BC
HHSM-500-2006-00041C
93.
93.
Truven Health Analytics
4500001202
93.
Trustees of Boston University
HHSM 500-2011-001306
93.
New Editions Consulting Inc.
$
2,666
2,666
431,827
2,666
434,493
-
64,507
6,323
6,323
6,323
6,323
48,462
48,462
2
24,631
24,631
-
2,662
2,662
774,617
199,121
973,738
2,211,114
202,621
2,413,735
33,123,333
The accompanying notes are an integral part of the schedule of expenditures of federal awards.
28
25,650
2
Total Other Programs
Total Federal Award Expenditures
4,200
21,450
25,650
64,507
64,507
NATHLHCBS-2009-1
30,439
4,200
21,450
64,507
Subtotal of 93.361
Technical Assistance: Thompson Reuters (Health Care) Inc./ Quality Enterprise
-
431,827
Subtotal of 93.359
Binge Eating and Drinking: Screening and Intervention for College Students
29,222
30,439
Subtotal of 93.247
Training in Focused Ultrasound Lab for Muna Aryal - Year 3
Training in Focused Ultrasound Lab for Muna Aryal - Year 4
5,022
29,222
Subtotal of 93.242
Advanced Practice Palliative Care Program
213,598
5,022
$
3,814,124
$
36,937,457
Boston College
Notes to Schedule of Expenditures of Federal Awards
May 31, 2014
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, 2014. 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, 2014 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,
2014. 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, 2014 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
268,186
44,100
$
29
4,937,288
5,249,574
Boston College
Notes to Schedule of Expenditures of Federal Awards
May 31, 2014
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, 2014 consist
of:
Federal Perkins Loan Program
Nursing Student Loans
Undergraduate
Graduate
$ 30,177,178
1,496,364
208,154
Total campus-based loans
$ 31,881,696
The University recovered an administrative cost allowance from the Perkins program of $361,540
for the year ending May 31, 2014. Perkins loan cancellations (CFDA# 84.037) amounted to
$932,951 for the year ending May 31, 2014.
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, 2014 are summarized as follows:
CFDA
Number
Federal Direct Loan Program
Parent Loans for Undergraduate Students
84.268
84.268
Total guaranteed loans
$ 47,871,622
28,036,123
$ 75,907,745
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, 2014.
4.
Subrecipients
For the year ended May 31, 2014, 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)
$
1,870,259
18,588
17,226
338,887
$
2,244,960
These amounts are included in the direct expenditures shown on the accompanying Schedule.
30
Boston College
Notes to Schedule of Expenditures of Federal Awards
May 31, 2014
5.
Loan Programs
As of May 31, 2014, the University had $6,449,872 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.
31
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,
2014, 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 26,
2014.
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, 125 High Street, Boston, MA 02110
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 26, 2014
33
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, 2014. 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. 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.
Opinion on Each Major Federal Program
In our opinion, based on our audit and the report of other auditors, 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, 2014.
Other Matters
The results of our auditing procedures disclosed instances of noncompliance, which are required to be
reported in accordance with OMB Circular A-133 and which are described in the accompanying schedule
PricewaterhouseCoopers LLP, 125 High Street, Boston, MA 02110
T: (617) 530 5000, F: (617) 530 5001, www.pwc.com/us
of findings and questioned costs as item 2014-001. Our opinion on each major federal program is not
modified with respect to these matters.
The University’s response to the noncompliance findings identified in our audit is described in the
accompanying schedule of findings and questioned costs. The University’s response was not subjected
to the auditing procedures applied in the audit of compliance and, accordingly, we express no opinion on
the response.
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, except as noted in the following paragraph, 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 a
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 24, 2014
35
Part III
Audit Findings and Questioned Costs
Boston College
Schedule of Findings and Questioned Costs
Year Ended May 31, 2014
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
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
Any audit findings disclosed that are required to be
reported in accordance with Circular A-133, Section
510(a)?
Unmodified
x
yes
no
Identification of major programs
CFDA Number
Name of Federal Program or
Cluster
Various
Research and Development
Cluster
Student Financial Assistance
Programs Cluster
McNair Post-Baccalaureate
Achievement
Various
84.217
Dollar threshold used to distinguish between Type A
and Type B programs
Auditee qualified as low-risk auditee
$1,019,343
x
36
yes
no
Boston College
Schedule of Findings and Questioned Costs
Year Ended May 31, 2014
II.
Findings Related to the Financial Statements
None noted.
III.
Current 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
Criteria
Circular A-110, paragraph 48 requires consideration of competitive bidding for purchases greater than
$100,000 or for purchases over the University’s policy, if less than $100,000. The University’s bidding
policy is $5,000, which requires it to consider competitive bidding for purchases over $5,000.
Condition
As the University’s competitive bidding policy is $5,000, we selected a sample of twenty-five purchases
greater than $5,000 for testing. Of the twenty-five purchases included in our sample, we 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.
Cause
A new employee was unaware of the University’s competitive bidding policy. The oversight was not
caught through review and supervision.
Effect
The University is not in compliance with it’s competitive bidding policy.
Recommendation
We recommend 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.
Management’s View and Corrective Action Plan
Following this finding is management’s views and corrective action plan.
37
Boston College
Summary Schedule of Prior Audit Findings
Year Ended May 31, 2014
Prior Year Findings and Questioned Costs for Federal Awards
2013-001 – FFATA Reporting
Research & Development Cluster
CFDA #
Award #
Award Name
Year
93.866
1R01AG041105-01
The Impact of Long-Term Care Insurance
2011
81.049
DE-SC0006980
Laboratory Experiments and Instrument Intercomparison
Studies of Carbonaceous Aerosol Particles
2011
47.049
CHE-1149096
Short [N,N] Carbon Nanotubes of Uniform Diameter by
Chemical Synthesis and Tests of Methods for their Elongation
2012
93.172
1U01HG006513-01
Robust Software Tools for Variant Identification and Functional
Assessment
2012
93.172
1U01HG006513-01
Robust Software Tools for Variant Identification and Functional
Assessment
2013
12.800
FA9550-12-1-0437
Investigation of the Longitudinal Dependence of Ionospheric
Density Distribution and its Driving Mechanisms
2012
Other Programs
CFDA #
Award #
Award Name
Year
93.048
90CP0143/01
Accelerating Adoption of Participant Direction Philosophy and
Models in the Aging Network
2011
64.
VA244-P-1554
Veteran Directed Home and Community Based Service
programs
2012
Condition
Of the eight reports tested in our sample, PwC identified eight reports which were not submitted within
their prescribed time period. The reports ranged from 31 to 690 days late. Due to varying circumstances,
including a reorganization and transition in staffing in the University’s Office for Sponsored Programs, the
University was not able to complete the required financial reports on a timely basis.
Recommendation
To mitigate the risk of future delays in required reporting, PwC recommends the University consider
developing a tracking schedule to monitor upcoming reporting deadlines such that the Office for
Sponsored Programs may more easily monitor all reporting requirements in advance of respective due
dates.
38
Boston College
Summary Schedule of Prior Audit Findings
Year Ended May 31, 2014
Current Year Status
The Office for Sponsored Programs has implemented procedures for subrecipient awards to ensure
FFATA Reporting is completed timely. Fully executed sub agreements are routed to a staff person in the
Office for Sponsored Programs who enters new subcontracts, or updates to existing subcontracts, in
FSRS weekly. On a monthly basis, an exception report/query is run and reviewed by the Associate
Director for Pre-award to ensure no subcontracts were missed.
39