Audit 47953

Title: Loan/loan guarantee outstanding balances Accounting Policies: 1. Summary of Significant Accounting Policies: Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs administered by the Board of Cooperative Educational Services Second Supervisory District of Erie-Chautauqua-Cattaraugus Counties (BOCES), an entity as defined in Note 1 to the basic financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other governmental agencies, are included on the Schedule of Expenditures of Federal Awards. Basis of Accounting: BOCES uses the modified accrual basis of accounting for each federal program, consistent with the fund basis financial statements. The amounts reported as federal expenditures generally were obtained from the appropriate federal financial reports for the applicable programs and periods. The amounts reported in these federal financial reports are prepared from records maintained for each program, which are periodically reconciled with BOCES financial reporting system. Indirect Costs: BOCES does not use the 10% de minimis indirect cost rate permitted by the Uniform Guidance. Non-Monetary Federal Program: BOCES is the recipient of a federal award program that does not result in cash receipts or disbursements, termed a non-monetary program. During the year ended June 30, 2022, BOCES used $52,070 worth of commodities under the National School Lunch Program (Assistance Listing Number 10.555). 2. Federal Direct Student Loans: Total student loans guaranteed by the U.S. Department of Education issued through BOCES under Assistance Listing Number 84.268 (Federal Direct Student Loans) for the year ended June 30, 2022 were $50,752 for Federal Direct Loans and $87,837 for Unsubsidized Federal Direct Loans (total of $138,589). De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. FEDERAL DIRECT STUDENT LOANS (84.268) - Balances outstanding at the end of the audit period were $138,589.