Audit 24773

Accounting Policies: The College participates in several programs sponsored by various government agencies as listed in the accompanying Schedule of Expenditures of Federal and State Awards. All programs are subject to audit by the various agencies and they have the authority to determine liabilities, limit or suspend the College's participation in the federal programs. The accompanying Schedule of Expenditures of Federal and State Awards (the Schedule) is presented on an accrual basis of accounting consistent with the basis of accounting used by the College in the preparation of its financial statements with the exception of government loans and guarantees. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal and State Awards (Uniform Guidance). The Schedule includes all known federal and pass-through federal funds expended by the College for the year ended June 30, 2022. All grants/awards should be reviewed in detail to determine if they contain any special provisions (for example, some awards require they be treated as major programs, even though they might not otherwise qualify as such). If the grant/award contains federal funding, the organization will obtain the following: name of the federal agency, award period, Catalog of Federal Domestic Assistance (CFDA) number. The grant/award should also be researched to determine if it is part of a cluster (including research and development) or a federal loan program. If the grant/award is passed through to/from a sub-recipient, the organization will obtain the pass-through entity identifying number. Prior to the grant/award becoming operational, the organization should review the OMB Compliance Supplements Matrix of Compliance Requirements. For every federally funded grant/award, personnel should be assigned for each area of compliance. Expenditures must be tracked for each individual grant/award. The accounting system must be set up to capture this information, and individuals must be established to assign expenses to each grant/award. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. The College has received a federally negotiated indirect cost rate and therefore has elected not to use 10% de minimis indirect cost rate allowed under the Uniform Guidance.