Notes to SEFA
The accompanying Schedules of Expenditures of Federal Awards and State Financial Assistance include federal and state award activity of the Hudson County Community College (the “College”). The College is defined in Note 1 to the College’s basic financial statements. All federal and state awards received directly from federal and state agencies, as well as federal and state awards received directly from federal and state agencies, as well as federal and state awards passed through other governmental agencies, are included on the Schedule of Expenditures of Federal Awards and State Financial Assistance.
The accompanying schedules of expenditures of Federal Awards and State Financial Assistance of the Collage are presented on the accrual basis of accounting. The information in these schedules is presented in accordance with the types of compliance requirements described in the U.S. Office of Management and Budget (OMB) Compliance Supplement and the New Jersey Office of Management and Budget Circular 15-08. Therefore, some amounts presented in these schedules may differ from amounts presented in, or used in the preparation of, the basic financial statements.
The College has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uninform Guidance.
The College is responsible only for the performance of certain administrative duties with respect to the Federal Direct Student Loan Program and the State of New Jersey Alternative Loan and New Jersey Class Loans and, accordingly, these loans are not included in the College’s basic financial statements. It is not practical to determine the balance of loans outstanding to students of the College under this program.
As explained in note 4, the College is responsible only for the performance and certain administrative duties with respect to the Federal Direct Student Loan Program. Such funding is presented in the schedule of expenditures of federal awards, however, is not presented in the basic financial statements.
Amounts reported in the accompanying schedules agree with the amounts reported in the related federal and state financial reports.
The amount of $2,809,142 reported as post-retirement medical benefits represent the OPEB expense amounts incurred by the State on behalf of the College for the year ended June 30, 2025. On-behalf expenditures for the College by the State are not subject to a State single audit and, therefore Notes are, are excluded from major program determination. The Schedule of State Financial Assistance provides a reconciliation of State financial assistance reported in the College’s basic financial statements and the amount subject to the State single audit and major program determination.