Title: MATCHING COSTS
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) presents the activity of federal award programs administered by the College, which is described in Note 1 to the College's basic financial statements, using the modified accrual basis of accounting. Federal awards that are included in the schedule may be received directly from federal agencies, as well as federal awards that are passed through from other government agencies. The information 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”). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: Certain College federal award programs may have been charged with indirect costs, based upon a rate established by New York State. The College has elected not to use the 10% De Minimis Indirect Cost Rate allowed under the Uniform Guidance
applied to overall expenditures. Indirect costs are included in the reported expenditures to the extent they are included in the financial reports used as the source for the expenditures presented.
Matching costs (the College's share of certain program costs) are not included in the reported expenditures. The basis of accounting varies by federal program consistent with the underlying regulations pertaining to each program. The amounts reported as federal expenditures were obtained from the federal financial reports for the applicable program and periods. The amounts reported in these reports are prepared from records maintained for each program, which are reconciled with the College's financial reporting system.
Title: STUDENT LOANS
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) presents the activity of federal award programs administered by the College, which is described in Note 1 to the College's basic financial statements, using the modified accrual basis of accounting. Federal awards that are included in the schedule may be received directly from federal agencies, as well as federal awards that are passed through from other government agencies. The information 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”). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: Certain College federal award programs may have been charged with indirect costs, based upon a rate established by New York State. The College has elected not to use the 10% De Minimis Indirect Cost Rate allowed under the Uniform Guidance
applied to overall expenditures. Indirect costs are included in the reported expenditures to the extent they are included in the financial reports used as the source for the expenditures presented.
Federal Direct Student Loan Program (Federal Assistance Listing (No. 84.268)
During the year end August 31, 2023, the College processed $865,652 of new loans under the Federal Direct Student Loan Program (which includes subsidized and unsubsidized Direct Loans and Direct Parents’ Loans for Undergraduate Students). With respect to the Federal Direct Student Loan Program, the College is only responsible for the performance of certain administrative duties; therefore, the College’s financial statements do not include any amounts relative to these loans. The cumulative amount of the total loans guaranteed and outstanding at August 31, 2023 is undeterminable.
Title: RECONCILIATION TO FINANCIAL STATEMENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) presents the activity of federal award programs administered by the College, which is described in Note 1 to the College's basic financial statements, using the modified accrual basis of accounting. Federal awards that are included in the schedule may be received directly from federal agencies, as well as federal awards that are passed through from other government agencies. The information 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”). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: Certain College federal award programs may have been charged with indirect costs, based upon a rate established by New York State. The College has elected not to use the 10% De Minimis Indirect Cost Rate allowed under the Uniform Guidance
applied to overall expenditures. Indirect costs are included in the reported expenditures to the extent they are included in the financial reports used as the source for the expenditures presented.
The federal expenditures presented in the Schedule reconcile to the Statement of Revenues, Expenses and Changes in Net Position as follows: Federal Expenditures as reported in the Schedule $4,426,063, Subtract Federal Direct Student Loan Program of $865,652, Equals Federal Aid reported in Statements $3,560,411.