Title: (1) Basis of Presentation
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the schedule) summarizes the activity of all federal award programs of Greater Texas Foundation (the Foundation). For purposes of the schedule, federal awards include all grants, contracts and similar agreements entered into directly between the Foundation and agencies and departments of the federal government and all subawards to the Foundation by nonfederal organizations pursuant to federal grants, contracts and similar agreements. The Foundation does not grant subawards of federal programs.
The accompanying schedule is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: For the year ended December 31, 2024, the Foundation did not incur or charge any indirect costs.
The accompanying Schedule of Expenditures of Federal Awards (the schedule) summarizes the activity of all federal award programs of Greater Texas Foundation (the Foundation). For purposes of the schedule, federal awards include all grants, contracts and similar agreements entered into directly between the Foundation and agencies and departments of the federal government and all subawards to the Foundation by nonfederal organizations pursuant to federal grants, contracts and similar agreements. The Foundation does not grant subawards of federal programs.
The accompanying schedule is presented using the accrual basis of accounting.
Title: (2) Relationship to Federal Financial Reports
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the schedule) summarizes the activity of all federal award programs of Greater Texas Foundation (the Foundation). For purposes of the schedule, federal awards include all grants, contracts and similar agreements entered into directly between the Foundation and agencies and departments of the federal government and all subawards to the Foundation by nonfederal organizations pursuant to federal grants, contracts and similar agreements. The Foundation does not grant subawards of federal programs.
The accompanying schedule is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: For the year ended December 31, 2024, the Foundation did not incur or charge any indirect costs.
Amounts reported in the accompanying schedule may not agree with the amounts reported in the related federal financial reports filed with grantor agencies because of accruals which would be included in the next report filed with the agencies.
Title: (3) Relationship to the Consolidated Financial Statements
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the schedule) summarizes the activity of all federal award programs of Greater Texas Foundation (the Foundation). For purposes of the schedule, federal awards include all grants, contracts and similar agreements entered into directly between the Foundation and agencies and departments of the federal government and all subawards to the Foundation by nonfederal organizations pursuant to federal grants, contracts and similar agreements. The Foundation does not grant subawards of federal programs.
The accompanying schedule is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: For the year ended December 31, 2024, the Foundation did not incur or charge any indirect costs.
Federal award revenues are reported in the Foundation’s consolidated financial statements as follows: Total interest on student loans as reported in the consolidated financial statements $965,124 Total special allowance payments as reported in the consolidated financial statements 567,053 Less net interest payments from students (953,494) Federal awards per accompanying schedule 578,683 Outstanding balance of student loan notes receivable may not agree with the amounts reported in the related consolidated financial statements due to the provision for uncollectable loans.
Title: (4) Noncash Guarantees
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the schedule) summarizes the activity of all federal award programs of Greater Texas Foundation (the Foundation). For purposes of the schedule, federal awards include all grants, contracts and similar agreements entered into directly between the Foundation and agencies and departments of the federal government and all subawards to the Foundation by nonfederal organizations pursuant to federal grants, contracts and similar agreements. The Foundation does not grant subawards of federal programs.
The accompanying schedule is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: For the year ended December 31, 2024, the Foundation did not incur or charge any indirect costs.
Federal Family Education Loans (FFELP) are guaranteed by various guarantor agencies or the U.S. Department of Education. This guarantee is contingent upon the loans being serviced within the due diligence requirements of the guarantors. The outstanding gross balance of student loan notes receivable at December 31, 2024 is approximately $ 17.3 million.
Title: (5) Indirect Cost Rate
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the schedule) summarizes the activity of all federal award programs of Greater Texas Foundation (the Foundation). For purposes of the schedule, federal awards include all grants, contracts and similar agreements entered into directly between the Foundation and agencies and departments of the federal government and all subawards to the Foundation by nonfederal organizations pursuant to federal grants, contracts and similar agreements. The Foundation does not grant subawards of federal programs.
The accompanying schedule is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: For the year ended December 31, 2024, the Foundation did not incur or charge any indirect costs.
For the year ended December 31, 2024, the Foundation did not incur or charge any indirect costs.