Audit 331990

Title: 1. Summary of Significant Accounting Policies Accounting Policies: Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs administered by the Board of Cooperative Educational Services First Supervisory District of Erie County (BOCES), an entity as defined in Note 1 to BOCES’ 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 Schedule of Expenditures of Federal Awards. Basis of Accounting BOCES uses the modified accrual basis of accounting for each federal program, consistent with the fund basis financial statements. 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 federal financial reports are prepared from records maintained for each program, which are periodically reconciled with BOCES’ financial reporting system. Indirect Costs BOCES does not use the 10% de minimis indirect cost rate permitted by the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: Indirect Costs BOCES does not use the 10% de minimis indirect cost rate permitted by the Uniform Guidance. Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs administered by the Board of Cooperative Educational Services First Supervisory District of Erie County (BOCES), an entity as defined in Note 1 to BOCES’ 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 Schedule of Expenditures of Federal Awards. Basis of Accounting BOCES uses the modified accrual basis of accounting for each federal program, consistent with the fund basis financial statements. 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 federal financial reports are prepared from records maintained for each program, which are periodically reconciled with BOCES’ financial reporting system. Indirect Costs BOCES does not use the 10% de minimis indirect cost 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 presents the activity of all federal award programs administered by the Board of Cooperative Educational Services First Supervisory District of Erie County (BOCES), an entity as defined in Note 1 to BOCES’ 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 Schedule of Expenditures of Federal Awards. Basis of Accounting BOCES uses the modified accrual basis of accounting for each federal program, consistent with the fund basis financial statements. 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 federal financial reports are prepared from records maintained for each program, which are periodically reconciled with BOCES’ financial reporting system. Indirect Costs BOCES does not use the 10% de minimis indirect cost rate permitted by the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: Indirect Costs BOCES does not use the 10% de minimis indirect cost rate permitted by the Uniform Guidance. Total student loans guaranteed by the U.S. Department of Education issued through BOCES under Assistance Listing Number 84.268 (Federal Direct Student Loans) for the year ended June 30, 2024 were: Federal Direct Loans $919,213, Unsubsidized Federal Direct Loans $1,338,197 and Federal Direct PLUS Loans $44,880 totaling $2,302,290.