Notes to SEFA
Title: Note 1: Basis of Presentation
Accounting Policies: The Schedule of Expenditures of Federal Awards has been prepared on the accrual basis of accounting. Revenues were adjusted to balance the expenditures incurred for each project.
De Minimis Rate Used: N
Rate Explanation: The Greater Johnstown Area Vocational-Technical School has elected to not use the de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the
federal award activity of the Greater Johnstown Area Vocational-Technical School under
programs of the federal government for the year ended June 30, 2024. The information in
this 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 the Greater Johnstown Area
Vocational-Technical School, it is not intended to and does not present the financial
position, changes in net assets, or cash flows of the Greater Johnstown Area Vocational-Technical School.
Title: Note 2: Summary of Significant Accounting Policies
Accounting Policies: The Schedule of Expenditures of Federal Awards has been prepared on the accrual basis of accounting. Revenues were adjusted to balance the expenditures incurred for each project.
De Minimis Rate Used: N
Rate Explanation: The Greater Johnstown Area Vocational-Technical School has elected to not use the 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 Greater Johnstown Area Vocational-Technical School has elected to not use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. The School uses the following indirect cost rates: Pell Grants The Federal Higher Education Opportunity Act (HEOA) provides for a payment of $5 per Pell Grant recipient to reimburse for a share of the cost of administering the program.
Title: Note 3
Accounting Policies: The Schedule of Expenditures of Federal Awards has been prepared on the accrual basis of accounting. Revenues were adjusted to balance the expenditures incurred for each project.
De Minimis Rate Used: N
Rate Explanation: The Greater Johnstown Area Vocational-Technical School has elected to not use the de minimis indirect cost rate allowed under the Uniform Guidance.
In order to determine that at least 40% of federal expenditures were tested in accordance with single audit requirements, the following calculation was made: