Title: (1) Scope of Audit
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the College and is presented on the accrual basis of accounting, consistent with the manner in which the College maintains its accounting records. The information in this schedule is presented in accordance with the audit 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). Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. All program award amounts represent the total allotment or grant award received. All expenses and capital outlays are reported as expenditures.
The College is currently allocating administrative costs to program awards based upon criteria prescribed in those program awards.
De Minimis Rate Used: Y
Rate Explanation: For fiscal year 2024 and 2023, the College has an approved indirect cost rate of 21% for all grant programs, except for U.S. Department of Education programs, for which the rate is 8%.
The Northern Marianas College (the College) was created as an autonomous public agency of the Commonwealth of the Northern Mariana Islands (CNMI) pursuant to Title 3, Division 1, Chapter 3, Article 1 of the Commonwealth Code. The College's existence is to be perpetual and it shall have all the rights and privileges of a corporation. The purpose of the College is to provide secondary educational opportunities to the people of the CNMI. Only the financial statements of the College are included within the scope of the Uniform Guidance audit (the “Single Audit”).
Programs Subject to Single Audit: The Schedule of Expenditures of Federal Awards presents each Federal program related to the following agencies:
- U.S. Department of Agriculture
- U.S. Department of the Interior
- U.S. Department of Education
- U.S. Department of Health and Human Services
- U.S. Department of Homeland Security
- U.S. Department of Labor
- U.S. Department of Small Business Administration
- U.S. Department of Commerce
- National Science Foundation
Title: (2) Summary of Significant Accounting Policies
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the College and is presented on the accrual basis of accounting, consistent with the manner in which the College maintains its accounting records. The information in this schedule is presented in accordance with the audit 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). Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. All program award amounts represent the total allotment or grant award received. All expenses and capital outlays are reported as expenditures.
The College is currently allocating administrative costs to program awards based upon criteria prescribed in those program awards.
De Minimis Rate Used: Y
Rate Explanation: For fiscal year 2024 and 2023, the College has an approved indirect cost rate of 21% for all grant programs, except for U.S. Department of Education programs, for which the rate is 8%.
Basis of Accounting: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the College and is presented on the accrual basis of accounting, consistent with the manner in which the College maintains its accounting records. The information in this schedule is presented in accordance with the audit 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). Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. All program award amounts represent the total allotment or grant award received. All expenses and capital outlays are reported as expenditures.
Cost Allocation: The College is currently allocating administrative costs to program awards based upon criteria prescribed in those program awards.
Title: (3) Indirect Cost Allocation
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the College and is presented on the accrual basis of accounting, consistent with the manner in which the College maintains its accounting records. The information in this schedule is presented in accordance with the audit 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). Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. All program award amounts represent the total allotment or grant award received. All expenses and capital outlays are reported as expenditures.
The College is currently allocating administrative costs to program awards based upon criteria prescribed in those program awards.
De Minimis Rate Used: Y
Rate Explanation: For fiscal year 2024 and 2023, the College has an approved indirect cost rate of 21% for all grant programs, except for U.S. Department of Education programs, for which the rate is 8%.
For fiscal year 2024 and 2023, the College has an approved indirect cost rate of 21% for all grant programs, except for U.S. Department of Education programs, for which the rate is 8%.