Audit 29044

Accounting Policies: Note A Basis of Presentation(1) The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Somerset County Technology Center 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Somerset County Technology Center, it is not intended to and does not present the financial position, changes in financial position, or cash flows of Somerset County Technology Center.(2) In accordance with 2 CFR 200.502(c), when loans are made to students of an institution of higher education (IHE) but the IHE does not make the loans, then only the value of loans made during the audit period must be considered federal awards expended in that audit period. Accordingly, student loan balances are not reported on the Schedule of Somerset County Technology Center.Note B Summary of Significant Accounting Policies(1) 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.(2) Somerset County Technology Center has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.