Audit 325435

Accounting Policies: 1. SIGNIFICANT ACCOUNTING POLICIES Organization The accompanying Schedule of Expenditures of Federal Awards represents all federal awards administered by the Madison – Oneida BOCES. The BOCES’ organization is defined in Note 1 to the BOCES’ basic financial statements. Basis of Accounting The accompanying schedule of expenditures of federal awards includes the federal grant activity of the BOCES and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Food Donation Non-monetary assistance is reported in the schedule at fair market value of the food commodities received. At June 30, 2024, the BOCES had food commodities totaling $3,562 in inventory. Cluster Programs The following programs are identified by “OMB Compliance Supplement” to be part of a cluster of programs: U.S. Department of Education Student Financial Aid Cluster AL #84.268 Federal Direct Student Loans (Direct Loan) AL #84.063 Federal Pell Grant Program U.S. Department of Agriculture Nutrition Cluster: AL #10.555 Food Donation AL #10.553 School Breakfast Program AL #10.555 National School Lunch Program 2. STUDENT FINANCIAL AID CLUSTER The Student Financial Aid Cluster revenue of $864,340 is reported by the BOCES as Charges for Services. 3. INDIRECT COST RATE The BOCES has not elected to use the 10% de minimis indirect cost rate. De Minimis Rate Used: N Rate Explanation: 3. INDIRECT COST RATE The BOCES has not elected to use the 10% de minimis indirect cost rate.