Notes to SEFA
Title: Federal Direct Student Loans Program
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Greater Johnstown Area Vocational Technical School and is presented on the accrual basis of accounting. Federal revenues received from the Commonwealth of Pennsylvania have been included under the state revenue category of the General Fund in the fund financial statements. Student financial aid revenue received from the U.S. Department of Education has been included under the local revenue category of the General Fund in the fund financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
During the year ended June 30, 2023, the School processed $568,468 of new loans under the Federal Direct Student Loans Program. The new loans made during the fiscal year relating to these programs are considered current year expenditures in the accompanying schedule of expenditures of federal awards. The School is only responsible for the performance of certain administrative duties and is not considered to be the lender of the funds, therefore, these transactions are not included in the School's basic financial statements.
Title: Cost Principles
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Greater Johnstown Area Vocational Technical School and is presented on the accrual basis of accounting. Federal revenues received from the Commonwealth of Pennsylvania have been included under the state revenue category of the General Fund in the fund financial statements. Student financial aid revenue received from the U.S. Department of Education has been included under the local revenue category of the General Fund in the fund financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The information in this schedule is presented in accordance with the requirements of 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 general purpose financial statements.