Notes to SEFA
Title: Basis of Accounting
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where in certain types of expenditures are not allowable or are limited as to reimbursement. The Huntingdon County Career and Technology Center has elected to not use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Huntingdon County Career and Technology Center has elected to not use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal activity of the Huntingdon County Career and Technology Center under programs of the federal government for the year ended June 30, 2024. The information in the Schedule 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). Because the schedule presents only a selected portion of the operations of Huntingdon County Career and Technology Center, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Huntingdon County Career and Technology Center.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where in certain types of expenditures are not allowable or are limited as to reimbursement. The Huntingdon County Career and Technology Center has elected to not use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Huntingdon County Career and Technology Center has elected to not use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the schedule are reported on the accrual basis of accounting. Such 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. The Huntingdon County Career and Technology Center has elected to not use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Loans with Continuing Compliance Requirements
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where in certain types of expenditures are not allowable or are limited as to reimbursement. The Huntingdon County Career and Technology Center has elected to not use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Huntingdon County Career and Technology Center has elected to not use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Community Facilities Loans and Grants program is subject to continuing compliance requirements. The balance of this loan as of June 30, 2023 was $2,094,470.