Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: 1.GENERALThe accompanying schedule of expenditures of federal awards (the Schedule) includes the award activity of Education Success Network, Inc. and Affiliates (collectively, the Organization) under programs of the federal government for the year ended June 30, 2022. 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). Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to, and does not present, the financial position, changes in net assets, or cash flows of the Organization.2.BASIS OF ACCOUNTINGExpenditures 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.3.INDIRECT COSTSThe Organization has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
DISASTER ASSISTANCE LOANS (59.008) - Balances outstanding at the end of the audit period were 2000000. DISASTER ASSISTANCE LOANS (59.008) - Balances outstanding at the end of the audit period were 233000.