Notes to SEFA
Accounting Policies: 1. Summary of Significant Accounting Policies: Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal award programs administered by Adirondack Community College (the College), an entity as defined in Note 1 to the College's basic financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other governmental agencies, are included on the Schedule. Basis of Accounting: The federal programs are maintained on the accrual basis of accounting. The amounts reported as federal expenditures generally were obtained from the appropriate federal financial reports for the applicable programs and periods. The amounts reported in these financial reports are prepared from records maintained for each program, which are periodically reconciled to the College's financial reporting system.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.