Notes to SEFA
Title: STUDENT FINANCIAL AID CLUSTER
Accounting Policies: 1. SIGNIFICANT ACCOUNTING POLICIESOrganizationThe accompanying Schedule of Expenditures of Federal Awards represents all federal awards administered by the Madison Oneida BOCES. The BOCES organization is defined in Note 1 to the BOCES basic financial statements.Basis of AccountingThe accompanying schedule of expenditures of federal awards includes the federal grant activity of the BOCES and is presentedon the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in,or used in the preparation of, the basic financial statements.Food DonationNon-monetary assistance is reported in the schedule at fair market value of the food commodities received. At June 30, 2022,the BOCES had food commodities totaling $3,562 in inventory.Cluster ProgramsThe following programs are identified by OMB Compliance Supplement to be part of a cluster of programs:U.S. Department of EducationSpecial Education ClusterAL #84.027 Special Education Grants to States (IDEA, Part B)Student Financial Aid ClusterAL #84.268 Federal Direct Student Loans (Direct Loan)AL #84.063 Federal Pell Grant ProgramU.S. Department of AgricultureNutrition Cluster:AL #10.555 Food DonationAL #10.553 School Breakfast ProgramAL #10.555 National School Lunch ProgramFood Distribution Cluster:AL #10.569 COVID-19 Emergency Food Assistance Program (Food Commodities)
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
2. STUDENT FINANCIAL AID CLUSTERThe Student Financial Aid Cluster revenue of $463,084 is reported by the BOCES as Charges for Services is reclassified as Federal Aid for reporting purposes.
Title: INDIRECT COST RATE
Accounting Policies: 1. SIGNIFICANT ACCOUNTING POLICIESOrganizationThe accompanying Schedule of Expenditures of Federal Awards represents all federal awards administered by the Madison Oneida BOCES. The BOCES organization is defined in Note 1 to the BOCES basic financial statements.Basis of AccountingThe accompanying schedule of expenditures of federal awards includes the federal grant activity of the BOCES and is presentedon the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in,or used in the preparation of, the basic financial statements.Food DonationNon-monetary assistance is reported in the schedule at fair market value of the food commodities received. At June 30, 2022,the BOCES had food commodities totaling $3,562 in inventory.Cluster ProgramsThe following programs are identified by OMB Compliance Supplement to be part of a cluster of programs:U.S. Department of EducationSpecial Education ClusterAL #84.027 Special Education Grants to States (IDEA, Part B)Student Financial Aid ClusterAL #84.268 Federal Direct Student Loans (Direct Loan)AL #84.063 Federal Pell Grant ProgramU.S. Department of AgricultureNutrition Cluster:AL #10.555 Food DonationAL #10.553 School Breakfast ProgramAL #10.555 National School Lunch ProgramFood Distribution Cluster:AL #10.569 COVID-19 Emergency Food Assistance Program (Food Commodities)
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
3. INDIRECT COST RATEThe BOCES has not elected to use the 10% de minimis indirect cost rate.