Audit 21113

Title: Loan/loan guarantee outstanding balances Accounting Policies: 1. Summary of Significant Accounting PoliciesBasis of PresentationThe accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs administeredby the Board of Cooperative Educational Services First Supervisory District of Erie County (BOCES), an entity as defined in Note 1 to BOCES basic financial statements. Federal awards received directly from federal agencies, as well as federal awards passedthrough from other governmental agencies, are included on the Schedule of Expenditures of Federal Awards.Basis of AccountingBOCES uses the modified accrual basis of accounting for each federal program, consistent with the fund basis financialstatements.The amounts reported as federal expenditures generally were obtained from the appropriate federal financial reports for theapplicable programs and periods. The amounts reported in these federal financial reports are prepared from recordsmaintained for each program, which are periodically reconciled with BOCES financial reporting system.Indirect CostsBOCES does not use the 10% de minimis indirect cost rate permitted by the Uniform Guidance.2. Federal Direct Student LoansTotal student loans guaranteed by the U.S. Department of Education issued through BOCES under Assistance Listing Number84.268 (Federal Direct Student Loans) for the year ended June 30, 2022 were: Federal Direct Loans $ 543,921, Unsubsidized Federal Direct Loans 841,851, and Federal Direct PLUS Loans 18,073 De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. FEDERAL DIRECT STUDENT LOANS (84.268) - Balances outstanding at the end of the audit period were 1403845.