Notes to SEFA
Title: LOAN OUTSTANDING
Accounting Policies: (1) BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards presents the activities in the federal award
programs of Wonderspring. All financial assistance received directly from federal agencies, as well as
financial awards passed through other governmental and nonprofit agencies, are presented on the schedule
of expenditures of federal awards. The information in this schedule is presented in accordance with Title 2
U.S. Code of Federal Regulations ("CFR") Part 200, Uniform Administrative Requirements, Cost Principles,
and Audit Requirements for Federal Awards (the "Uniform Guidance"). Therefore, some amounts
presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic
financial statements.
(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 to reimbursement. Wonderspring has not elected to use the
10-percent de minimus indirect cost rate allowed under the Uniform Guidance.
(3) RELATIONSHIP TO BASIC FINANCIAL STATEMENTS
Federal awards expenditures are reported on the statements of activities as expenses. Amounts required to
be reported on the schedule of expenditures of federal awards may differ from expenses reported in the
basic financial statements due to presentation differences for nongrant sources which provided support for
the program.
De Minimis Rate Used: N
Rate Explanation: Wonderspring has not elected to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.
Wonderspring had the following loan balance outstanding at June 30, 2023, which is reflected in the
statements of financial position. The loan balance included in the federal expenditures presented in the
schedule of expenditures of federal awards is as of July 1, 2022.
Federal Amount
Outstanding at
Program Title CFDA # June 30, 2023
Disaster Assistance Loans 59.008 $500,000