Notes to SEFA
Title: NOTE 3. LOAN PROGRAMS
Accounting Policies: The accompanying schedules of expenditures of Federal Awards and State Financial Assistance include all the federal and state grant activity of Passaic County Community College (the “College”). All federal and state awards received directly from federal and state agencies, as well federal and state awards passed through other governmental agencies are included. The accompanying schedules of expenditures of Federal Awards and State Financial Assistance and 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 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: N
Rate Explanation: The College has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
The College is responsible only for the performance of certain administrative duties with respect to the Federal Family Education 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 as of June 30, 2023.
Title: NOTE 5. RECONCILIATION OF THE FINANCIAL STATEMENTS
Accounting Policies: The accompanying schedules of expenditures of Federal Awards and State Financial Assistance include all the federal and state grant activity of Passaic County Community College (the “College”). All federal and state awards received directly from federal and state agencies, as well federal and state awards passed through other governmental agencies are included. The accompanying schedules of expenditures of Federal Awards and State Financial Assistance and 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 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: N
Rate Explanation: The College has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
The following is a reconciliation of the financial statements to the schedule of expenditures of federal awards and state financial assistance expenditures: