Audit 332670

Title: OTHER STUDENT LOAN PROGRAMS Accounting Policies: BASIS OF PRESENTATION The accompanying schedules of expenditures of federal awards and state financial assistance (the schedules) include federal and state award activity of Ocean County College (the College). The College is defined in Note 1 to the College’s basic financial statements. The information in these schedules 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 (Uniform Guidance) and State of New Jersey Circular 15-08-OMB, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. All federal and state awards received directly from federal and state agencies, as well as federal awards and state financial assistance passed through other government agencies, are included on the schedules. Because these schedules present only a selected portion of the operations of the College, they are not intended to and do not present the financial position and changes in operations of the College. Accordingly, some amounts presented in the respective schedules may differ from amounts presented in, or used in, the preparation of the College’s June 30, 2024 financial statements. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying schedules are presented using the accrual basis of accounting as described in Note 1 to the College’s basic financial statements. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, and State of New Jersey Circular 15-08-OMB, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid, wherein certain types of expenditures are not allowed or are limited as to reimbursement. The expenditures reflected in the schedules are presented at the federal and state participation level; thus, any matching portion is not included. De Minimis Rate Used: N Rate Explanation: The College has elected not to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance. The College is responsible only for the performance of certain administrative duties with respect to Federal Direct Student Loans and New Jersey Class Loans; accordingly, these loans balances are not included in the College’s basic financial statements. It is not practical to determine the balance of loans outstanding to students of the College under these programs as of June 30, 2024.