Title: E. Loans and Loan Programs
Accounting Policies: A. Reporting Entity - The accompanying schedule includes all federal award programs of the Fiddlehead School for the fiscal year ended June 30, 2023. The reporting entity is defined in the notes to the financial statements of Fiddlehead School. B. Basis of Presentation - The information in the accompanying schedule of expenditures of federal awards is presented in accordance with the Uniform Guidance. 1. Pursuant to the Uniform Guidance, federal awards are defined as assistance provided by a federal agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance or direct appropriations. 2. Major Programs - The Uniform Guidance establishes the level of expenditures or expenses to be used in defining major federal award programs. Major programs for Fiddlehead School are identified in the summary of auditor’s results in the schedule of findings and questioned costs. C .Basis of Accounting - The information presented in the schedule of expenditures of federal awards is presented on the accrual basis of accounting, which is consistent with the reporting in Fiddlehead School financial statements.
De Minimis Rate Used: Y
Rate Explanation: Indirect Cost Rate - The School has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Included within the schedule of expenditures of federal awards, the School has one federal loan that was outstanding during the year ended June 30, 2023. We have considered this loan issuance in determining programs to be tested under the Uniform Guidance.
Title: Community Facilities Loans and Grants Cluster – 10.766
Accounting Policies: A. Reporting Entity - The accompanying schedule includes all federal award programs of the Fiddlehead School for the fiscal year ended June 30, 2023. The reporting entity is defined in the notes to the financial statements of Fiddlehead School. B. Basis of Presentation - The information in the accompanying schedule of expenditures of federal awards is presented in accordance with the Uniform Guidance. 1. Pursuant to the Uniform Guidance, federal awards are defined as assistance provided by a federal agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance or direct appropriations. 2. Major Programs - The Uniform Guidance establishes the level of expenditures or expenses to be used in defining major federal award programs. Major programs for Fiddlehead School are identified in the summary of auditor’s results in the schedule of findings and questioned costs. C .Basis of Accounting - The information presented in the schedule of expenditures of federal awards is presented on the accrual basis of accounting, which is consistent with the reporting in Fiddlehead School financial statements.
De Minimis Rate Used: Y
Rate Explanation: Indirect Cost Rate - The School has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Outstanding loans
Title: Community Facilities Loans and Grants Cluster – 10.766
Accounting Policies: A. Reporting Entity - The accompanying schedule includes all federal award programs of the Fiddlehead School for the fiscal year ended June 30, 2023. The reporting entity is defined in the notes to the financial statements of Fiddlehead School. B. Basis of Presentation - The information in the accompanying schedule of expenditures of federal awards is presented in accordance with the Uniform Guidance. 1. Pursuant to the Uniform Guidance, federal awards are defined as assistance provided by a federal agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance or direct appropriations. 2. Major Programs - The Uniform Guidance establishes the level of expenditures or expenses to be used in defining major federal award programs. Major programs for Fiddlehead School are identified in the summary of auditor’s results in the schedule of findings and questioned costs. C .Basis of Accounting - The information presented in the schedule of expenditures of federal awards is presented on the accrual basis of accounting, which is consistent with the reporting in Fiddlehead School financial statements.
De Minimis Rate Used: Y
Rate Explanation: Indirect Cost Rate - The School has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Promissory note to USDA, Rural Development, in the amount of $1,555,000. Monthly principal and interest payments of $5,847 with interest at an effective rate of 2.125%; matures in November 2050; secured by real property. $ 1,457,863
Title: Community Facilities Loans and Grants Cluster – 10.766
Accounting Policies: A. Reporting Entity - The accompanying schedule includes all federal award programs of the Fiddlehead School for the fiscal year ended June 30, 2023. The reporting entity is defined in the notes to the financial statements of Fiddlehead School. B. Basis of Presentation - The information in the accompanying schedule of expenditures of federal awards is presented in accordance with the Uniform Guidance. 1. Pursuant to the Uniform Guidance, federal awards are defined as assistance provided by a federal agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance or direct appropriations. 2. Major Programs - The Uniform Guidance establishes the level of expenditures or expenses to be used in defining major federal award programs. Major programs for Fiddlehead School are identified in the summary of auditor’s results in the schedule of findings and questioned costs. C .Basis of Accounting - The information presented in the schedule of expenditures of federal awards is presented on the accrual basis of accounting, which is consistent with the reporting in Fiddlehead School financial statements.
De Minimis Rate Used: Y
Rate Explanation: Indirect Cost Rate - The School has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Total outstanding loan programs $ 1,457,863