Title: Loan/loan guarantee outstanding balances
Accounting Policies: 1.BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the Sullivan County Community College (the College), under programs of the federal government for the year ended August 31, 2022. 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.2.BASIS OF ACCOUNTINGThe Schedule is presented using generally accepted accounting principles, as described in the Colleges financial statements.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
FEDERAL DIRECT STUDENT LOANS (84.268) - Balances outstanding at the end of the audit period were 500.
Title: 4 Matching Costs
Accounting Policies: 1.BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the Sullivan County Community College (the College), under programs of the federal government for the year ended August 31, 2022. 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.2.BASIS OF ACCOUNTINGThe Schedule is presented using generally accepted accounting principles, as described in the Colleges financial statements.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Matching costs, i.e., the Colleges share of certain program costs, are not included in the reported expenditures.
Title: 5 Subrecipients
Accounting Policies: 1.BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the Sullivan County Community College (the College), under programs of the federal government for the year ended August 31, 2022. 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.2.BASIS OF ACCOUNTINGThe Schedule is presented using generally accepted accounting principles, as described in the Colleges financial statements.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
No amounts were provided to subrecipients.
Title: 6 Student Loan Programs
Accounting Policies: 1.BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the Sullivan County Community College (the College), under programs of the federal government for the year ended August 31, 2022. 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.2.BASIS OF ACCOUNTINGThe Schedule is presented using generally accepted accounting principles, as described in the Colleges financial statements.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
6.STUDENT LOAN PROGRAMSFederal Direct Student Loan Program (Federal Assistance Listing #84.268)During the year ended August 31, 2022, the College processed $1,343,484 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 Colleges financial statements do not include any amounts relative to these loans. The cumulative amount of total loans guaranteed and outstanding at August 31, 2022 is undeterminable.
Title: 7 Reconciliation to Financial Statements
Accounting Policies: 1.BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the Sullivan County Community College (the College), under programs of the federal government for the year ended August 31, 2022. 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.2.BASIS OF ACCOUNTINGThe Schedule is presented using generally accepted accounting principles, as described in the Colleges financial statements.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
For tables/charts see notes to the SEFA