Audit 290529

Title: Note C – Loans Outstanding Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Woodstock Academy under programs of the federal government for the year ended June 30, 2023. The information is 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 Woodstock Academy, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Woodstock Academy. Note B – Summary of Significant Accounting Policies 1. 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. 2. Woodstock Academy did not use the 10 percent de minimis indirect cost rate. 3. Pass-through entity identifying numbers are presented where available. De Minimis Rate Used: N Rate Explanation: Woodstock Academy did not use the 10 percent de minimis indirect cost rate. Woodstock Academy had the following loan balances outstanding at June 30, 2023. The loan balances as of the beginning of the year are included in the federal expenditures presented in the schedule. Community Facilities Loans and Grants (Community Facilities Loans and Grants Cluster) #97-02 10.766 $2,117,888 Community Facilities Loans and Grants (Community Facilities Loans and Grants Cluster) #97-03 10.766 $5,239,197 Community Facilities Loans and Grants (Community Facilities Loans and Grants Cluster) #97-04 10.766 $8,129,789