Notes to SEFA
Title: FEDERAL DIRECT LOAN PROGRAM
Accounting Policies: The accompanying schedule of federal awards expenditures is a summary of the activity of Great Oaksfederal award programs. The schedule has been prepared using the cash basis of accounting. Theinformation in this schedule is presented in accordance with the requirements of Title 2 U.S. Code ofFederal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Great Oaks participates in the Federal Direct Loan Program. Great Oaks originates the loans which are then funded through the U.S. Department of Education. Assistance Listing Number 84.268 Federal Subsidized Loans $198,200; 84.268 Federal Unsubsidized Loans 383,990; Total Federal Director Student Loans $582,190.