Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The Schedule is prepared using generally accepted accounting principles, as described in theColleges basic 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 (Schedule) includes the federalgrant activity of the Dutchess Community College (College), under programs of the federalgovernment for the year ended August 31, 2022. The information in the Schedule is presentedin accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for FederalAwards (Uniform Guidance). Because the Schedule presents only a portion of the operations ofthe College, it is not intended to and does not present the financial position, changes in netposition, or cash flows for the College as a whole.
Title: Matching Costs
Accounting Policies: The Schedule is prepared using generally accepted accounting principles, as described in theColleges basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Matching costs, i.e. the College's share of certain program costs, are not included in the reported expenditures
Title: Subrecipients
Accounting Policies: The Schedule is prepared using generally accepted accounting principles, as described in theColleges basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
no amounts provided to subrecipients
Title: Student Loan Programs
Accounting Policies: The Schedule is prepared using generally accepted accounting principles, as described in theColleges basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Nursing Student Loan Program (Assistance Listing # 93.364)For the year ended August 31, 2022, the College made no loans under the Nursing StudentLoan Program and there was no administrative cost allowance claimed. Previous loans werefunded by federal expenditures, the Colleges institutional funds under its matching requirement,and with principal and interest repaid to the College related to previous loans. The outstandingbalance of loans receivable under this program was $9,869 at August 31, 2022. The expendedfunds reported on the Schedule represents the September 1, 2021 outstanding loan balance.Federal Direct Student Loan Program (Assistance Listing # 84.268)During the year ended August 31, 2022, the College processed $5,173,372 of new loans underthe Federal Direct Student Loan Program (which includes subsidized and unsubsidized DirectLoans and Direct Parents Loans for Undergraduate Students). With respect to the FederalDirect Student Loan Program, the College is only responsible for the performance of certainadministrative duties; therefore, the Colleges financial statements do not include any amountsrelative to these loans. The cumulative amount of total loans guaranteed and outstanding atAugust 31, 2022 is undeterminable.