Title: BASIS OF PRESENTATION
Accounting Policies: The Schedule is prepared using generally accepted accounting principles, as described in the College’s basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The College did not elect to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of the Orange County Community College (the “College”), under programs of the federal government for the year ended August 31, 2024. The information in the Schedule 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”). Because the Schedule presents only a portion of the operations of the College, it is not intended to and does not present the financial position, changes in net position, or cash flows for the College as a whole.
Title: BASIS OF ACCOUNTING
Accounting Policies: The Schedule is prepared using generally accepted accounting principles, as described in the College’s basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The College did not elect to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Schedule is prepared using generally accepted accounting principles, as described in the College’s basic financial statements.
Title: INDIRECT COSTS
Accounting Policies: The Schedule is prepared using generally accepted accounting principles, as described in the College’s basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The College did not elect to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Indirect costs are included in the reported expenditures to the extent they are included in the financial reports used as the source for the expenditures presented.
The College did not elect to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: MATCHING COSTS
Accounting Policies: The Schedule is prepared using generally accepted accounting principles, as described in the College’s basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The College did not elect to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Matching costs, i.e., the College’s share of certain program costs, are not included in the reported expenditures.
Title: SUBRECIPIENTS
Accounting Policies: The Schedule is prepared using generally accepted accounting principles, as described in the College’s basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The College did not elect to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
No amounts were provided to subrecipients.
Title: STUDENT LOAN PROGRAM
Accounting Policies: The Schedule is prepared using generally accepted accounting principles, as described in the College’s basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The College did not elect to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Federal Direct Student Loan Program (Assistance Listing # 84.268) During the year ended August 31, 2024, the College processed $5,769,481 of new loans under the Federal Direct Student Loan Program (which includes subsidized and unsubsidized Direct Loans and Direct Parents’ Loans for Undergraduate Students). With respect to the Federal Direct Student Loan Program, the College is only responsible for the performance of certain administrative duties; therefore, the College’s financial statements do not include any amounts relative to these loans. The cumulative amount of total loans guaranteed and outstanding at August 31, 2024 is undeterminable.