Audit 341625

Title: GENERAL 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Differences between amounts included in the schedule and amounts reported to funding agencies for these programs result from report timing. De Minimis Rate Used: N Rate Explanation: The College has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award programs of Jamestown Community College (the College) for the year ended August 31, 2024 and has been prepared in accordance with accounting principles generally accepted in the United States of America. 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 College’s operations, it is not intended to and does not present the financial position, revenue, expenses, and changes in net position of the College.

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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Differences between amounts included in the schedule and amounts reported to funding agencies for these programs result from report timing. De Minimis Rate Used: N Rate Explanation: The College has elected not to use the 10% de minimis indirect cost rate as 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. Differences between amounts included in the schedule and amounts reported to funding agencies for these programs result from report timing.

Title: PASS-THROUGH PROGRAMS 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Differences between amounts included in the schedule and amounts reported to funding agencies for these programs result from report timing. De Minimis Rate Used: N Rate Explanation: The College has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. Where the College receives funds from a government entity other than the federal government (pass-through), the funds are accumulated based on the Assistance Listing (AL) number advised by the pass-through grantor. Identifying numbers, other than the AL numbers, which may be assigned by pass-through grantors are not maintained in the College's financial system. The College has identified certain pass-through identifying numbers and included them in the schedule of expenditures of federal awards, as available.

Title: INDIRECT COSTS 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Differences between amounts included in the schedule and amounts reported to funding agencies for these programs result from report timing. De Minimis Rate Used: N Rate Explanation: The College has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The College has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.