Notes to SEFA
Title: Note A - Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the cash basis of accounting.
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Great Oaks Career Campuses (the District) under programs of the federal government for the year ended June 30, 2023. The information on this Schedule is prepared 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).
Title: Note B - Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the cash basis of accounting.
De Minimis Rate Used: N
Rate Explanation: N/A
Expenditures reported on the Schedule are reported on the cash basis of accounting.
Title: Note C - Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on the cash basis of accounting.
De Minimis Rate Used: N
Rate Explanation: N/A
Great Oaks has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Note D - Loan Programs with Continuing Compliance Requirements
Accounting Policies: Expenditures reported on the Schedule are reported on the cash basis of accounting.
De Minimis Rate Used: N
Rate Explanation: N/A
The federal loan programs listed below are administered directly by the District, and balances and transactions relating to these programs are included in the District’s basic financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balances of loans outstanding at June 30, 2023 consist of:
84.268 Federal Subsidized Loans 191,847
84.268 Federal Unsubsidized Loans 333,292
Total Federal Direct Student Loans 525,139