Audit 57102

Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) of the Moberly Area Community College (the College) has been prepared in the format as set forth in Title 2 U.S. Code of Federal Regulations 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 the preparation of, the basic financial statements. The purpose of the Schedule is to present a consolidated summary of those expenditures of the College for the year ended June 30, 2022, which has been financed by the U.S. government (federal awards). For purposes of the Schedule, federal awards include all federal assistance and procurement relationships entered into directly and indirectly between the College and the federal government and sub-awards from nonfederal organizations made under federally sponsored agreements. The accounting principles followed by the College and used in preparing the Schedule are as follows:Expenses for direct costs are recognized as incurred using the accrual basis of accounting and the cost accounting principles contained in Uniform Guidance. Under those cost principles, certain types of expenses are not allowable or are limited as to reimbursement. Moreover, expenditures include a portion of costs associated with general College activities (facilities and administrative costs) which are allocated to awards under negotiated formulas commonly referred to as indirect cost rates. The College has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The College provided no federal awards to subrecipients during the year ended June 30, 2022. De Minimis Rate Used: Y Rate Explanation: The auditee used the de minimis cost rate.