Notes to SEFA
Title: Loans Outstanding
Accounting Policies: Note A – Basis of Presentation
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, 2024. 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, 2024. The loan balances
as of thebeginning of the year are included in the federal expenditures presented in the schedule.
Community Facilities Loans and Grants #97-02 Federal ALN - 10.766 Federal Expenditures - $2,073,642
Community Facilities Loans and Grants #97-03 Federal ALN - 10.766 Federal Expenditures - $5,137,720
Community Facilities Loans and Grants #97-04 Federal ALN - 10.766 Federal Expenditures - $7,972,326