Title: NOTE 1. GENERAL
Accounting Policies: NOTE 2. BASIS OF ACCOUNTING
The accompanying schedules of expenditures of Federal Awards and State Financial Assistance of the Collage are presented
on the accrual basis of accounting. The information in these schedules is presented in accordance with the types of compliance
requirements described in the U.S. Office of Management and Budget (OMB) Compliance Supplement and the New Jersey
Office of Management and Budget Circular 15-08. Therefore, some amounts presented in these schedules may differ from
amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: Y
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedules of Expenditures of Federal Awards and State Financial Assistance include federal and state
award activity of the Hudson County Community College (the “College”). The College is defined in Note 1 to the College’s
basic financial statements. All federal and state awards received directly from federal and state agencies, as well as federal and
state awards received directly from federal and state agencies, as well as federal and state awards passed through other
governmental agencies, are included on the Schedule of Expenditures of Federal Awards and State Financial Assistance.
Title: NOTE 2. BASIS OF ACCOUNTING
Accounting Policies: NOTE 2. BASIS OF ACCOUNTING
The accompanying schedules of expenditures of Federal Awards and State Financial Assistance of the Collage are presented
on the accrual basis of accounting. The information in these schedules is presented in accordance with the types of compliance
requirements described in the U.S. Office of Management and Budget (OMB) Compliance Supplement and the New Jersey
Office of Management and Budget Circular 15-08. Therefore, some amounts presented in these schedules may differ from
amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: Y
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedules of expenditures of Federal Awards and State Financial Assistance of the Collage are presented
on the accrual basis of accounting. The information in these schedules is presented in accordance with the types of compliance
requirements described in the U.S. Office of Management and Budget (OMB) Compliance Supplement and the New Jersey
Office of Management and Budget Circular 15-08. Therefore, some amounts presented in these schedules may differ from
amounts presented in, or used in the preparation of, the basic financial statements.
Title: NOTE 3. INDIRECT COST METHOD
Accounting Policies: NOTE 2. BASIS OF ACCOUNTING
The accompanying schedules of expenditures of Federal Awards and State Financial Assistance of the Collage are presented
on the accrual basis of accounting. The information in these schedules is presented in accordance with the types of compliance
requirements described in the U.S. Office of Management and Budget (OMB) Compliance Supplement and the New Jersey
Office of Management and Budget Circular 15-08. Therefore, some amounts presented in these schedules may differ from
amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: Y
Rate Explanation: The auditee did not use the de minimis cost rate.
The College has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uninform Guidance.
Title: NOTE 4. LOAN PROGRAMS
Accounting Policies: NOTE 2. BASIS OF ACCOUNTING
The accompanying schedules of expenditures of Federal Awards and State Financial Assistance of the Collage are presented
on the accrual basis of accounting. The information in these schedules is presented in accordance with the types of compliance
requirements described in the U.S. Office of Management and Budget (OMB) Compliance Supplement and the New Jersey
Office of Management and Budget Circular 15-08. Therefore, some amounts presented in these schedules may differ from
amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: Y
Rate Explanation: The auditee did not use the de minimis cost rate.
The College is responsible only for the performance of certain administrative duties with respect to the Federal Direct Student
Loan Program and the State of New Jersey Alternative Loan and New Jersey Class Loans and, accordingly, these loans are not
included in the College’s basic financial statements. It is not practical to determine the balance of loans outstanding to students
of the College under this program.
Title: NOTE 5. RELATIONSHIP TO BASIC FINANCIAL STATEMENTS
Accounting Policies: NOTE 2. BASIS OF ACCOUNTING
The accompanying schedules of expenditures of Federal Awards and State Financial Assistance of the Collage are presented
on the accrual basis of accounting. The information in these schedules is presented in accordance with the types of compliance
requirements described in the U.S. Office of Management and Budget (OMB) Compliance Supplement and the New Jersey
Office of Management and Budget Circular 15-08. Therefore, some amounts presented in these schedules may differ from
amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: Y
Rate Explanation: The auditee did not use the de minimis cost rate.
As explained in note 4, the College is responsible only for the performance and certain administrative duties with respect to the
Federal Direct Student Loan Program. Such funding is presented in the schedule of expenditures of federal awards, however,
is not presented in the basic financial statements.
Title: NOTE 6. RELATIONSHIP TO FEDERAL AND STATE FINANCIAL REPORTS
Accounting Policies: NOTE 2. BASIS OF ACCOUNTING
The accompanying schedules of expenditures of Federal Awards and State Financial Assistance of the Collage are presented
on the accrual basis of accounting. The information in these schedules is presented in accordance with the types of compliance
requirements described in the U.S. Office of Management and Budget (OMB) Compliance Supplement and the New Jersey
Office of Management and Budget Circular 15-08. Therefore, some amounts presented in these schedules may differ from
amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: Y
Rate Explanation: The auditee did not use the de minimis cost rate.
Amounts reported in the accompanying schedules agree with the amounts reported in the related federal and state financial
reports.