Title: General Information
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the Federal grant activity of JohnsonCollege and is presented on the accrual basis of accounting. The information in this schedule is presented inaccordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, someamounts presented in this schedule may differ from amounts presented in, or used in the preparation of, thebasic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards presents the activity of all federal award programs of Johnson College. All awards received directly from federal agencies as well as financial assistance passed through other governmental agencies or non-profit organizations are included on the schedule.
Title: Federal Direct Student Loans
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the Federal grant activity of JohnsonCollege and is presented on the accrual basis of accounting. The information in this schedule is presented inaccordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, someamounts presented in this schedule may differ from amounts presented in, or used in the preparation of, thebasic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Federal Direct Student Loans (Federal CFDA Number 84.268) are comprised of the following types of loans: PLUS Loans $480,852; Stafford Loans - subsidized $1,269,133 Stafford Loans - unsubsidized $1,387,593. Total Federal Direct Student Loans $3,137,578
Title: Subrecipients
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the Federal grant activity of JohnsonCollege and is presented on the accrual basis of accounting. The information in this schedule is presented inaccordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, someamounts presented in this schedule may differ from amounts presented in, or used in the preparation of, thebasic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The College did not pass any awards through to subrecipients.
Title: Matching Contributions
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the Federal grant activity of JohnsonCollege and is presented on the accrual basis of accounting. The information in this schedule is presented inaccordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, someamounts presented in this schedule may differ from amounts presented in, or used in the preparation of, thebasic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The amounts reported in the accompanying Schedule of Expenditures of Federal Awards do not include matching contributions made by the College. The College made matching contributions to the following federal awards: Federal Supplemental Educational Opportunity Grants $18,546; Federal Work-Study Program $624. Total Matching Contributions $19,170.