Title: Loan/loan guarantee outstanding balances
Accounting Policies: All Federal grant operations of Allegany College of Maryland (the College) are included in the scope of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Single Audit). The Single Audit was performed in accordance with the provisions of the OMB Compliance Supplement (the Compliance Supplement). Compliance testing of all requirements subject to audit, as described in the Compliance Supplement, was performed for the grant programs noted below. These programs represent Federal award programs for fiscal year 2022 with cash and non-cash expenditures to ensure coverage of at least 20% of Federally granted funds. Actual coverage was 94% of total cash and non-cash Federal award program expenditures. Expenditures reported on the Schedule of Expenditures of Federal Awards (the Schedule) are recognized following Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. The College has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.The Federal awards programs tested for fiscal year 2022 are listed below. Major programs, Federal Assistance Listing and Federal Expenditures are respectively: - Student Financial Assistance Cluster 84.007, 84.268, 84.033, 84.063 $8,086,889 - Higher Education Emergency Relief Fund - CARES Act84.425E, 84.425F, 84.425M, 84.425C $5,370,678. Total Federal Expenditures: $13,457,567
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
FEDERAL DIRECT LOANS (84.268) - Balances outstanding at the end of the audit period were 4496925.
Title: RECONCILIATION TO AUDITED FINANCIAL STATEMENTS
Accounting Policies: All Federal grant operations of Allegany College of Maryland (the College) are included in the scope of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Single Audit). The Single Audit was performed in accordance with the provisions of the OMB Compliance Supplement (the Compliance Supplement). Compliance testing of all requirements subject to audit, as described in the Compliance Supplement, was performed for the grant programs noted below. These programs represent Federal award programs for fiscal year 2022 with cash and non-cash expenditures to ensure coverage of at least 20% of Federally granted funds. Actual coverage was 94% of total cash and non-cash Federal award program expenditures. Expenditures reported on the Schedule of Expenditures of Federal Awards (the Schedule) are recognized following Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. The College has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.The Federal awards programs tested for fiscal year 2022 are listed below. Major programs, Federal Assistance Listing and Federal Expenditures are respectively: - Student Financial Assistance Cluster 84.007, 84.268, 84.033, 84.063 $8,086,889 - Higher Education Emergency Relief Fund - CARES Act84.425E, 84.425F, 84.425M, 84.425C $5,370,678. Total Federal Expenditures: $13,457,567
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Federal Grants and Contracts Per Audited Financial Statements $9,942,140 / Direct Loans per Schedule of Federal Expenditures 4,496,925 / Veteran Affairs annual reporting fee income (576) / Federal CARES Institutional Funds recognized as revenue by the College in fiscal year 2022, but reported on the Schedule of Expenditures of Federal Awards in fiscal year 2021 when spent per DOE Regulations (180,577) / Total Expenditures per Schedule of Federal Expenditures $14,257,912
Title: BASIS OF PRESENTATION
Accounting Policies: All Federal grant operations of Allegany College of Maryland (the College) are included in the scope of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Single Audit). The Single Audit was performed in accordance with the provisions of the OMB Compliance Supplement (the Compliance Supplement). Compliance testing of all requirements subject to audit, as described in the Compliance Supplement, was performed for the grant programs noted below. These programs represent Federal award programs for fiscal year 2022 with cash and non-cash expenditures to ensure coverage of at least 20% of Federally granted funds. Actual coverage was 94% of total cash and non-cash Federal award program expenditures. Expenditures reported on the Schedule of Expenditures of Federal Awards (the Schedule) are recognized following Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. The College has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.The Federal awards programs tested for fiscal year 2022 are listed below. Major programs, Federal Assistance Listing and Federal Expenditures are respectively: - Student Financial Assistance Cluster 84.007, 84.268, 84.033, 84.063 $8,086,889 - Higher Education Emergency Relief Fund - CARES Act84.425E, 84.425F, 84.425M, 84.425C $5,370,678. Total Federal Expenditures: $13,457,567
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule includes the Federal award activity of the College under programs of the Federal government for the year ended June 30, 2022, and is presented on the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of Uniform Guidance.