Notes to SEFA
Accounting Policies: 1. SIGNIFICANT ACCOUNTING POLICIESOrganizationThe accompanying Schedule of Expenditures of Federal Awards represents all Federal awards administered by the OtsegoNorthern Catskills BOCES. The BOCES organization is defined in Note 1 to the BOCES basic financial statements.Basis of AccountingThe accompanying schedule of expenditures of Federal awards includes the Federal grant activity of the BOCES and is presentedon the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards. Expenditures are recognized following the cost principles contained in the UniformGuidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amountspresented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.2. CLUSTER PROGRAMSThe following programs are identified by OMB Compliance Supplement to be part of a cluster of programs:U.S. Department of EducationStudent Financial Aid ClusterALN #84.268 Federal Direct Student Loans (Direct Loan)ALN #84.063 Federal Pell Grant ProgramSpecial Education ClusterALN #84.027 Special Education Grants to States3. STUDENT FINANCIAL AID CLUSTERThe Student Financial Aid Cluster revenue of $203,226 is reported by the BOCES as Charges for Services since the amounts arefor tuition paid by the program for qualifying students.4. INDIRECT COST RATEThe BOCES has not elected to use the 10% de minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.