Audit 354474

Title: Note 2 - Student Loan Programs Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Hudson Valley Community College (the College) and is presented on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. Because the Schedule presents only a selected portion of the operations of the College, it is not intended to and does not present the financial position, changes in net assets or cash flows of the College. The information in this 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 Award. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Administrative costs are included in the reported expenditures to the extent such costs are included in the federal financial reports used as the source for the data presented. The College has not elected to utilize the 10% de minimis indirect cost rate in Part 200.414 of the Uniform Guidance. Negative amounts on the Schedule, if any, represent adjustments made to prior year expenditures in the normal course of business. De Minimis Rate Used: N Rate Explanation: The College has not elected to utilize the 10% de minimis indirect cost rate in Part 200.414 of the Uniform Guidance. For the year ended August 31, 2024, the College processed $11,494,342 of new loans (net of origination fees), under the Federal Direct Student Loan Program which includes Subsidized Loans, Unsubsidized Loans, and Parent Loans.