Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the modified cash basis of accounting which is the same basis used in preparing the financial statements of the System. 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. No funds were identified as having been provided to subrecipients by the System under the meaning of the Uniform Guidance, and accordingly, no funds identified in the Schedule are attributable to subrecipient entities as required under the Uniform Guidance. There were no federal awards expended for insurance or any loans or loan guarantees outstanding at June 30, 2024. For the year ended June 30, 2024, the System did not receive any noncash assistance.
De Minimis Rate Used: N
Rate Explanation: The System's allowable costs exceed the amount awarded, therefore the cost to track indirect costs outweigh the benefit.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Moraine Area Career System (the System) under programs of the federal government for the year ended June 30, 2024. 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 operations of the System, it is not intended to and does not present the financial position, changes in net position, or cash flows of the System.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the modified cash basis of accounting which is the same basis used in preparing the financial statements of the System. 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. No funds were identified as having been provided to subrecipients by the System under the meaning of the Uniform Guidance, and accordingly, no funds identified in the Schedule are attributable to subrecipient entities as required under the Uniform Guidance. There were no federal awards expended for insurance or any loans or loan guarantees outstanding at June 30, 2024. For the year ended June 30, 2024, the System did not receive any noncash assistance.
De Minimis Rate Used: N
Rate Explanation: The System's allowable costs exceed the amount awarded, therefore the cost to track indirect costs outweigh the benefit.
Expenditures reported on the Schedule are reported on the modified cash basis of accounting which is the same basis used in preparing the financial statements of the System. 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. No funds were identified as having been provided to subrecipients by the System under the meaning of the Uniform Guidance, and accordingly, no funds identified in the Schedule are attributable to subrecipient entities as required under the Uniform Guidance. There were no federal awards expended for insurance or any loans or loan guarantees outstanding at June 30, 2024. For the year ended June 30, 2024, the System did not receive any noncash assistance.
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on the modified cash basis of accounting which is the same basis used in preparing the financial statements of the System. 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. No funds were identified as having been provided to subrecipients by the System under the meaning of the Uniform Guidance, and accordingly, no funds identified in the Schedule are attributable to subrecipient entities as required under the Uniform Guidance. There were no federal awards expended for insurance or any loans or loan guarantees outstanding at June 30, 2024. For the year ended June 30, 2024, the System did not receive any noncash assistance.
De Minimis Rate Used: N
Rate Explanation: The System's allowable costs exceed the amount awarded, therefore the cost to track indirect costs outweigh the benefit.
The System has elected not to use the 10% de minimis cost rate where applicable, as allowed under the Uniform Guidance.