Title: Loan Programs
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance include the federal award and state grant activity of Sussex County Community College (the “College”) and are presented on the accrual basis of accounting. The College is defined in Note 1 to the College’s Notes to Financial Statements. The information in these schedules is presented in accordance with the requirements of 2 CFR 200-Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and New Jersey OMB Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. Therefore, some amounts presented in these schedules may differ from amounts presented in, or used in the preparation of, the basic financial statements. For the purposes of these schedules, Federal Awards and State Financial Assistance include any assistance provided by a Federal and State agency directly or indirectly in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance, direct appropriations and other non-cash assistance. Because these schedules present only a selected portion of the activities of the College, it is not intended to, and does not, present the financial position, changes in net position and other changes of the College in conformity with generally accepted accounting principles.
The accounting practices followed by the College in preparing the accompanying schedules are as follows:
Expenditures for direct costs are recognized as incurred using the accrual method of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee elected not to use the de minimis cost rate.
Sussex County Community College is responsible only for the performance of certain administrative duties with respect to the Loan Programs. The balance of loans outstanding to students of Sussex County Community College under the federal loan programs was $1,954,053 at June 30, 2023. The College processed $1,908,955 under Federal Direct Loans and $29,838 under Student NJ Class Loans, during the fiscal year ended June 30, 2023.
Title: Alternate Benefit Program
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance include the federal award and state grant activity of Sussex County Community College (the “College”) and are presented on the accrual basis of accounting. The College is defined in Note 1 to the College’s Notes to Financial Statements. The information in these schedules is presented in accordance with the requirements of 2 CFR 200-Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and New Jersey OMB Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. Therefore, some amounts presented in these schedules may differ from amounts presented in, or used in the preparation of, the basic financial statements. For the purposes of these schedules, Federal Awards and State Financial Assistance include any assistance provided by a Federal and State agency directly or indirectly in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance, direct appropriations and other non-cash assistance. Because these schedules present only a selected portion of the activities of the College, it is not intended to, and does not, present the financial position, changes in net position and other changes of the College in conformity with generally accepted accounting principles.
The accounting practices followed by the College in preparing the accompanying schedules are as follows:
Expenditures for direct costs are recognized as incurred using the accrual method of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee elected not to use the de minimis cost rate.
During the year ended June 30, 2023, the State of New Jersey, Department of Treasury made payments on behalf of Sussex County Community College to the Alternate Benefit Program of $287,488. These benefits are reimbursed by the State of New Jersey at the rate of 8% for faculty and staff involved in the student instruction process, all other disbursements for other staff are reflected in the accompanying basic financial statements for the year ended June 30, 2023. The June 30, 2023 benefit reimbursement for faculty is included in the accompanying schedule of expenditures of state financial assistance.
Title: Indirect Costs
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance include the federal award and state grant activity of Sussex County Community College (the “College”) and are presented on the accrual basis of accounting. The College is defined in Note 1 to the College’s Notes to Financial Statements. The information in these schedules is presented in accordance with the requirements of 2 CFR 200-Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and New Jersey OMB Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. Therefore, some amounts presented in these schedules may differ from amounts presented in, or used in the preparation of, the basic financial statements. For the purposes of these schedules, Federal Awards and State Financial Assistance include any assistance provided by a Federal and State agency directly or indirectly in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance, direct appropriations and other non-cash assistance. Because these schedules present only a selected portion of the activities of the College, it is not intended to, and does not, present the financial position, changes in net position and other changes of the College in conformity with generally accepted accounting principles.
The accounting practices followed by the College in preparing the accompanying schedules are as follows:
Expenditures for direct costs are recognized as incurred using the accrual method of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee elected not to use the de minimis cost rate.
The College has elected not use the 10% de minimis indirect cost rate as allowed by Uniform Guidance.