Title: BASIS OF PRESENTATION
Accounting Policies: All Federal grant operations of Allegany College of Maryland (the College) are included in the scope of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Single Audit). The Single Audit was performed in accordance with the provisions of the OMB Compliance Supplement (the Compliance Supplement). Compliance testing of all requirements subject to audit, as described in the Compliance Supplement, was performed for the grant programs noted below. These programs represent Federal award programs for the year ended June 30, 2023, with cash and non-cash expenditures to ensure coverage of at least 20% of Federally granted funds. Actual coverage was 88% of total cash and non-cash Federal award program expenditures. Expenditures reported on the Schedule of Expenditures of Federal Awards (the Schedule) are recognized following Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. The College 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 College has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule includes the Federal award activity of the College under programs of the Federal government for the year ended June 30, 2023, and is presented on the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of Uniform Guidance.
Title: LOANS OUTSTANDING
Accounting Policies: All Federal grant operations of Allegany College of Maryland (the College) are included in the scope of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Single Audit). The Single Audit was performed in accordance with the provisions of the OMB Compliance Supplement (the Compliance Supplement). Compliance testing of all requirements subject to audit, as described in the Compliance Supplement, was performed for the grant programs noted below. These programs represent Federal award programs for the year ended June 30, 2023, with cash and non-cash expenditures to ensure coverage of at least 20% of Federally granted funds. Actual coverage was 88% of total cash and non-cash Federal award program expenditures. Expenditures reported on the Schedule of Expenditures of Federal Awards (the Schedule) are recognized following Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. The College 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 College has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
During the year ended June 30, 2023, the College processed the following amount of new loans under the Federal Direct Lending Loan Program. Since this program is administered by outside financial institutions, only the value of new loans made during the fiscal year relating to this program are considered current year expenditures in the Schedule of Expenditures of Federal Awards. The outstanding balance of loans made in previous periods is not included as Federal awards expended because the lender accounts for the prior balances. Federal Grantor/Pass-Through Federal Assistance Pass-Through Entity/ Federal Grantor/Program or Cluster Title Listing Identifying Number Expenditures Federal Direct Lending 84.268 N/A $ 5,410,204
Title: RECONCILIATION TO AUDITED FINANCIAL STATEMENTS
Accounting Policies: All Federal grant operations of Allegany College of Maryland (the College) are included in the scope of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Single Audit). The Single Audit was performed in accordance with the provisions of the OMB Compliance Supplement (the Compliance Supplement). Compliance testing of all requirements subject to audit, as described in the Compliance Supplement, was performed for the grant programs noted below. These programs represent Federal award programs for the year ended June 30, 2023, with cash and non-cash expenditures to ensure coverage of at least 20% of Federally granted funds. Actual coverage was 88% of total cash and non-cash Federal award program expenditures. Expenditures reported on the Schedule of Expenditures of Federal Awards (the Schedule) are recognized following Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. The College 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 College has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Federal Grants and Contracts Per Audited Financial Statements $ 5,115,986 Direct Loans per Schedule of Federal Expenditures 5,410,204 Veteran Affairs annual reporting fee income (704) Total Expenditures per Schedule of Federal Expenditures $ 10,525,486