Title: NOTE 4 - LOANS DISBURSED
Accounting Policies: NOTE 1 - BASIS OF PRESENTATION - The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal award activity of Mt. Hood Community College District (the District) under programs of the federal government for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule is only a selected portion of the operations of the District, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the District. NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. The District has a Federally Negotiated indirect cost agreement of 19% of modified total direct costs.
Total disbursements for student loans through the District which are federally guaranteed in the event of default are listed below: FEDERAL DIRECT STUDENT LOANS (84.268) - Balances outstanding at the end of the audit period were $5,663,615.
Title: NOTE 3 - RELATIONSHIP TO FEDERAL FINANCIAL REPORTS
Accounting Policies: NOTE 1 - BASIS OF PRESENTATION - The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal award activity of Mt. Hood Community College District (the District) under programs of the federal government for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule is only a selected portion of the operations of the District, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the District. NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. The District has a Federally Negotiated indirect cost agreement of 19% of modified total direct costs.
The regulations and guidelines governing the preparation of Federal financial reports vary by Federal agency and among programs administered by the same agency. Accordingly, the amounts reported in the Federal financial reports do not necessarily agree with the amounts reported in the accompanying Schedule which is prepared on the basis explained in Note 1.
Title: NOTE 5 - LOANS RECEIVABLE
Accounting Policies: NOTE 1 - BASIS OF PRESENTATION - The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal award activity of Mt. Hood Community College District (the District) under programs of the federal government for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule is only a selected portion of the operations of the District, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the District. NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. The District has a Federally Negotiated indirect cost agreement of 19% of modified total direct costs.
The District had the following gross loan balances outstanding at June 30, 2022. Federal Assistance Listing Number (93.364) Loans receivable $46,493.
Title: NOTE 6 - FWS AND FSEOG
Accounting Policies: NOTE 1 - BASIS OF PRESENTATION - The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal award activity of Mt. Hood Community College District (the District) under programs of the federal government for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule is only a selected portion of the operations of the District, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the District. NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. The District has a Federally Negotiated indirect cost agreement of 19% of modified total direct costs.
The District has a Title II waiver for the 2021/22 eligible Federal match amounts.