Audit 46707

Accounting Policies: BASIS OF PRESENTATION - THE ACCOMPANYING SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS INCLUDES THE FEDERAL AWARD ACTIVITY OF THE GREATER ALTOONA CAREER AND TECHNOLOGY CENTER UNDER PROGRAMS OF THE FEDERAL GOVERNMENT FOR THE YEAR ENDED JUNE 30, 2022. THE INFORMATION IN THIS SCHEDULE IS PRESENTED IN ACCORDANCE WITH THE 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). BECAUSE THE SCHEDULE PRESENTS ONLY A SELECTED PORTION OF THE OPERATIONS OF THE GREATER ALTOONA CAREER AND TECHNOLOGY CENTER, IT IS NOT INTENDED TO AND DOES NOT PRESENT THE FINANCIAL POSITION, CHANGES IN NET ASSETS, OR CASH FLOWS OF THE GREATER ALTOONA CAREER AND TECHNOLOGY CENTER. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - EXPENDITURES REPORTED ON SCHEDULE ARE REPORTED ON THE ACCRUAL BASIS OF ACCOUNTING. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN THE UNIFORM GUIDANCE, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENT. THE CENTER USES THE FOLLOWING INDIRECT COST RATES: SECONDARY AND POST-SECONDARY VOCATIONAL INSTRUCTION PROGRAMS - THE RESTRICTED INDIRECT COST RATE ESTABLISHED BY THE COMMONWEALTH OF PENNSYLVANIA'S OFFICE OF COMPTROLLER OPERATIONS OF 7.24% IS USED BUT IS LIMITED BY THE PERKINS ACT OF 2018 NOT TO EXCEED 5% OF GRANT FUNDS; PELL GRANTS - THE FEDERAL HIGHER EDUCATION OPPORTUNITY ACT (HEOA) PROVIDES FOR A PAYMENT OF $5 PER PELL GRANT RECIPIENT TO REIMBURSE FOR A SHARE OF THE COST OF ADMINISTERING THE PROGRAM. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.