Title: REPORTING ENTITY
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of federal award programs administered by Fulton-Montgomery Community College, using the modified accrual basis of accounting. Federal awards that are included in the schedule may be received directly from federal agencies, as well as federal awards that are passed through from other government agencies. The information is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.Matching costs (the Colleges share of certain program costs) are not included in the reported expenditures.The basis of accounting varies by federal program consistent with the underlying regulations pertaining to each program.The amounts reported as federal expenditures were obtained from the federal financial reports for the applicable program and periods. The amounts reported in these reports are prepared from records maintained for each program, which are reconciled with the Colleges financial reporting system.
De Minimis Rate Used: Y
Rate Explanation: Indirect costs may be included in the reported expenditures, to the extent that they are included in the federal financial reports used as the source for the data presented. Certain of the Colleges federal award programs have been charged with indirect costs, based upon the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. There is no other indirect cost allocation plan in effect.
The schedule of expenditures of federal awards includes those expenditures of the primary institution. The financial statements of the Foundation and Fulmont College Association, Inc., contained no schedules of expenditures of federal awards.
Title: SUBRECIPIENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of federal award programs administered by Fulton-Montgomery Community College, using the modified accrual basis of accounting. Federal awards that are included in the schedule may be received directly from federal agencies, as well as federal awards that are passed through from other government agencies. The information is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.Matching costs (the Colleges share of certain program costs) are not included in the reported expenditures.The basis of accounting varies by federal program consistent with the underlying regulations pertaining to each program.The amounts reported as federal expenditures were obtained from the federal financial reports for the applicable program and periods. The amounts reported in these reports are prepared from records maintained for each program, which are reconciled with the Colleges financial reporting system.
De Minimis Rate Used: Y
Rate Explanation: Indirect costs may be included in the reported expenditures, to the extent that they are included in the federal financial reports used as the source for the data presented. Certain of the Colleges federal award programs have been charged with indirect costs, based upon the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. There is no other indirect cost allocation plan in effect.
No amounts were provided to subrecipients.
Title: CLUSTERS
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of federal award programs administered by Fulton-Montgomery Community College, using the modified accrual basis of accounting. Federal awards that are included in the schedule may be received directly from federal agencies, as well as federal awards that are passed through from other government agencies. The information is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.Matching costs (the Colleges share of certain program costs) are not included in the reported expenditures.The basis of accounting varies by federal program consistent with the underlying regulations pertaining to each program.The amounts reported as federal expenditures were obtained from the federal financial reports for the applicable program and periods. The amounts reported in these reports are prepared from records maintained for each program, which are reconciled with the Colleges financial reporting system.
De Minimis Rate Used: Y
Rate Explanation: Indirect costs may be included in the reported expenditures, to the extent that they are included in the federal financial reports used as the source for the data presented. Certain of the Colleges federal award programs have been charged with indirect costs, based upon the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. There is no other indirect cost allocation plan in effect.
The Student Financial Assistance cluster consists of:Federal Direct Student Loans 84.268Federal Pell Grant Program 84.063Federal Supplemental Educational Opportunity Grants 84.007Federal Work-Study Program 84.033