Notes to SEFA
Title: Basis of Presentation
Accounting Policies: See notes
De Minimis Rate Used: N
Rate Explanation: See notes
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal grant activity of East Point Academy (the "Academy") under programs of the federal government for the year ended June 30, 2023. The information in this Schedule 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). Because the Schedule presents only a selected portion of the operations of the Academy, it is not intended to and does not present the financial position, change in net position, or cash flows of the Academy.
Title: Summary of Significant Accounting Policies
Accounting Policies: See notes
De Minimis Rate Used: N
Rate Explanation: See notes
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
Title: Notes
Accounting Policies: See notes
De Minimis Rate Used: N
Rate Explanation: See notes
The Academy has a restricted indirect cost rate that is used for its federal programs and did not use the 10% de Minimis indirect cost rate allowed under the Uniform Guidance and covered in 2 CFR Part 200.414.
Title: Notes
Accounting Policies: See notes
De Minimis Rate Used: N
Rate Explanation: See notes
Federal loans outstanding at June 30, 2023, consist of the following:
Communities Facilities Loans and Grants - Direct Loan $ 9 ,666,122
Communities Facilities Loans and Grants - Direct Loan 9 ,570,418
Communities Facilities Loans and Grants - Direct Loan 4 ,351,353
Communities Facilities Loans and Grants - Guaranteed Loan 4 ,688,628
Ending Federal Loan Balance $ 2 8,276,521