Title: Basis of Presentation
Accounting Policies: 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 Bergen 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 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 Awards 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.
Title: Federal Direct Student Loan Program
Accounting Policies: 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.
Bergen 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 Bergen Community College under this program as of June 30, 2023. During the fiscal year ended June 30, 2023, the College processed $11,467,514 under the Federal Direct Student Loan Program
Title: Alternate Benefit Program
Accounting Policies: 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 Bergen Community College to the Alternate Benefit Program of $1,326,194. 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.
Title: Subrecipients
Accounting Policies: 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.
Of the federal expenditures presented in the Schedule of Federal Awards, the College passed through federal awards to subrecipients for the H-1B Job Training Grants (NJ Healthworks Apprenticeship Grant, Assistance Listing Number 17.268) of $2,048,789 for the year ended June 30, 2023.