Audit 327553

Accounting Policies: 1. SIGNIFICANT ACCOUNTING POLICIES Organization The accompanying Schedule of Expenditures of Federal Awards represents all Federal awards administered by the Onondaga-Cortland-Madison 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. Expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. 2. 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 ALN #84.268 Federal Direct Student Loans (Direct Loan) ALN #84.063 Federal Pell Grant Program 3. STUDENT FINANCIAL AID CLUSTER The Student Financial Aid Cluster revenue of $2,739,906 is reported by the BOCES as Charges for Services since the amounts are for tuition paid by the program for qualifying students. 4. DE MINIMIS INDIRECT COST RATE Onondaga-Cortland-Madison BOCES has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. 5. DONATED PERSONAL PROTECTIVE EQUIPMENT (UNAUDITED) During the emergency period of COVID-19, federal agencies and recipients of federal assistance funds donated personal protective equipment (PPE) to non-federal entities. In connection with that donation, the recipient must disclose the estimated value of donated PPE, but such amounts are not included in the Schedule of Expenditures of Federal Awards. The BOCES did not receive any donated PPE during the year. De Minimis Rate Used: N Rate Explanation: 4. DE MINIMIS INDIRECT COST RATE Onondaga-Cortland-Madison BOCES has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.