Notes to SEFA
The accompanying schedules of expenditures of Federal Awards and State Financial Assistance include all the federal and state grant activity of Passaic County Community College (the “College”). All federal and state awards received directly from federal and state agencies, as well federal and state awards passed through other governmental agencies are included.
The accompanying schedules of expenditures of Federal Awards and State Financial Assistance and 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 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 is responsible only for the performance of certain administrative duties with respect to the Federal Family Education 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 of June 30, 2025.
The College has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
The following is a reconciliation of the financial statements to the schedule of expenditures of federal awards and state financial assistance expenditures:
The amount of 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, 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.