Audit 306758

Title: 1. Summary of Significant Accounting Policies Accounting Policies: Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards (the SEFA) presents the activity of all federal award programs administered by Adirondack Community College (the College), an entity as defined in Note 1 to the College’s basic financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other governmental agencies, are included on the SEFA. Basis of Accounting The federal programs are maintained on the accrual basis of accounting. The amounts reported as federal expenditures generally were obtained from the appropriate federal financial reports for the applicable programs and periods. The amounts reported in these financial reports are prepared from records maintained for each program, which are periodically reconciled to the College’s financial reporting system. Indirect Costs Indirect costs and administrative allowances are set by New York State or Federal awarding agencies based upon contractual rates. As such, the College does not apply the 10% de minimis rate permitted by the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: Indirect Costs Indirect costs and administrative allowances are set by New York State or Federal awarding agencies based upon contractual rates. As such, the College does not apply the 10% de minimis rate permitted by the Uniform Guidance. Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards (the SEFA) presents the activity of all federal award programs administered by Adirondack Community College (the College), an entity as defined in Note 1 to the College’s basic financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other governmental agencies, are included on the SEFA. Basis of Accounting The federal programs are maintained on the accrual basis of accounting. The amounts reported as federal expenditures generally were obtained from the appropriate federal financial reports for the applicable programs and periods. The amounts reported in these financial reports are prepared from records maintained for each program, which are periodically reconciled to the College’s financial reporting system. Indirect Costs Indirect costs and administrative allowances are set by New York State or Federal awarding agencies based upon contractual rates. As such, the College does not apply the 10% de minimis rate permitted by the Uniform Guidance.

Title: 2. Federal Direct Student Loans Accounting Policies: Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards (the SEFA) presents the activity of all federal award programs administered by Adirondack Community College (the College), an entity as defined in Note 1 to the College’s basic financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other governmental agencies, are included on the SEFA. Basis of Accounting The federal programs are maintained on the accrual basis of accounting. The amounts reported as federal expenditures generally were obtained from the appropriate federal financial reports for the applicable programs and periods. The amounts reported in these financial reports are prepared from records maintained for each program, which are periodically reconciled to the College’s financial reporting system. Indirect Costs Indirect costs and administrative allowances are set by New York State or Federal awarding agencies based upon contractual rates. As such, the College does not apply the 10% de minimis rate permitted by the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: Indirect Costs Indirect costs and administrative allowances are set by New York State or Federal awarding agencies based upon contractual rates. As such, the College does not apply the 10% de minimis rate permitted by the Uniform Guidance. Total student loans guaranteed by the U.S. Department of Education issued through the College under Federal Direct Student Loans (Assistance Listing #84.268) for the year ended August 31, 2023 were as follows: Direct Subsidized Loans of $2,031,171, Direct Unsubsidized Loans of $2,440,172 and Direct PLUS Loans of $575,442 totaling $5,046,785.