Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the schedule) summarizes the activity ofall federal award programs of Greater Texas Foundation (the Foundation). For purposes of the schedule,federal awards include all grants, contracts and similar agreements entered into directly between theFoundation and agencies and departments of the federal government and all subawards to the Foundationby nonfederal organizations pursuant to federal grants, contracts and similar agreements. The Foundationdoes not grant subawards of federal programs.The accompanying schedule is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
FFELP-LENDER LOANS OUTSTANDING (84.032) - Balances outstanding at the end of the audit period were 25001511. FFELP-LENDER INTEREST SUBSIDY (84.032) - Balances outstanding at the end of the audit period were 25001511. FFELP-LENDER SPECIAL ALLOWANCE PAYMENTS (84.032) - Balances outstanding at the end of the audit period were 25001511.
Title: 2. relationship to federal financial reports
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the schedule) summarizes the activity ofall federal award programs of Greater Texas Foundation (the Foundation). For purposes of the schedule,federal awards include all grants, contracts and similar agreements entered into directly between theFoundation and agencies and departments of the federal government and all subawards to the Foundationby nonfederal organizations pursuant to federal grants, contracts and similar agreements. The Foundationdoes not grant subawards of federal programs.The accompanying schedule is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Amounts reported in the accompanying schedule may not agree with the amounts reported in the related federal financial reports filed with grantor agencies because of accruals which would be included in the next report filed with the agencies.
Title: 3. relationship to consolidated financial statements
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the schedule) summarizes the activity ofall federal award programs of Greater Texas Foundation (the Foundation). For purposes of the schedule,federal awards include all grants, contracts and similar agreements entered into directly between theFoundation and agencies and departments of the federal government and all subawards to the Foundationby nonfederal organizations pursuant to federal grants, contracts and similar agreements. The Foundationdoes not grant subawards of federal programs.The accompanying schedule is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Federal award revenues are reported in the Foundations consolidated financial statements as follows: Total interest on student loans as reported in the consolidated financial statements $1,236,163Total special allowance payments as reported in the consolidated financialstatements (37,069)Less net interest payments from students (1,197,970)Federal awards per accompanying schedule $1,124