Audit 56976

Title: Loan/loan guarantee outstanding balances Accounting Policies: All Federal grant operations of Howard Community College (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. Negative amounts on the SEFA represent refunds related to prior year grant awards. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. FEDERAL DIRECT LENDING - FY22 (84.268) - Balances outstanding at the end of the audit period were 4802307. FEDERAL DIRECT LENDING - FY21 (84.268) - Balances outstanding at the end of the audit period were 65121.