Title: Basis of Presentation
Accounting Policies: 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. Under those cost principles, certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The College has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedules of expenditures of Federal Awards and State Financial Assistance include the federal and state grant activity of Raritan Valley Community College (the College) and are presented on the accrual basis of accounting. The information in these schedules is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”) and New Jersey Office of Management and Budget Circular Letter 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, they are not intended to, and do not, present the financial position, changes in net position or the current funds revenues, expenditures, cash flows, and other changes of the College in conformity with generally accepted accounting principles.
Title: Federal Direct Student Loan Program
Accounting Policies: 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. Under those cost principles, certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The College has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Raritan Valley Community College is responsible only for the performance of certain administrative duties with respect to the Federal Direct Student Loan Program. It is not practical to determine the balance of loans outstanding to students of Raritan Valley Community College under this program as of June 30, 2023. During the fiscal year ended June 30, 2023, the College processed $1,677,617 under the Federal Direct Student Loan Program.
Title: Alternate Benefit Program
Accounting Policies: 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. Under those cost principles, certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The College has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
During the year ended June 30, 2023, the State of New Jersey, Department of Treasury made payments on behalf of Raritan Valley Community College to the Alternate Benefit Program of $1,168,229 These benefits are reimbursed by the State of New Jersey for faculty only, all other disbursement for administration, professional and support 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.