Audit 52073

Title: Loan/loan guarantee outstanding balances Accounting Policies: Note 1 Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Corning Community College and is presented on the accrual basis of accounting. 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 (Uniform Guidance). Therefore some amounts presented in this schedule may differ from amounts presented in, or used in, preparation of the financial statements. Note 2 Loans Made and Outstanding The following is a summary of loans made during the years then ended: Loan Program Title CFDA Number Loans Made in Year Ended August 31, 2022 Loans Made in Year Ended August 31, 2021 Federal Direct Student Loans 84.268 $ 4,489,054 $ 5,235,739 In fiscal year 2007-2008, the College was approved to engage in the Federal Direct Student Lending program. The Department of Education acts as the lender, providing funds for Stafford Loans and Parent Loans for Undergraduate Students (PLUS) loans in similar fashion to the Federal Family Education Loans (FFEL) program. FFEL include loans made under the Stafford and PLUS loan programs. No FFEL loans were awarded in fiscal years 2021-2022 or 2020-2021. Note 3 Indirect Costs Indirect costs are included in the reported expenditures to the extent they are included in the federal financial reports used as the source for the data presented. The College has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance. 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 4489054.