Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity ofBuilding Responsible Intelligent Creative Kids and is presented on the accrual basis of accounting.The information in this schedule is presented in accordance with the requirements of Title 2U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles,and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amountspresented in this schedule may differ from amounts presented in, or used in, the preparation of thebasic financial statements.
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 500000.