Notes to SEFA
Title: Other Uniform Guidance Information
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: Cornerstone Center for Early Learning, Inc. elected not to use the 10% de minimis indirect cost rate.
For the year ended December 31, 2024, Cornerstone Center for Early Learning, Inc. had no
expenditures in the form of noncash assistance, no sub-recipients, no federally provided
insurance in effect, and no loan guarantees outstanding. Cornerstone Center for Early
Learning, Inc. elected not to use the 10% de minimis indirect cost rate.
Title: Loan Program
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: Cornerstone Center for Early Learning, Inc. elected not to use the 10% de minimis indirect cost rate.
In 2020, Cornerstone applied for and received an Economic Injury Disaster Loan (EIDL)
from the Small Business Administration in the amount of $150,000. In January 2022,
Cornerstone applied for and received additional funds on this loan in the amount of
$1,850,000. In August 2024, Cornerstone returned $1,000,000 of the funds received to the
Small Business Administration. This loan matures in July 2050 and has an interest rate of
2.75%. The Balance of this loan at December 31, 2024 is $897,813. In 2024, Cornerstone
expended $528,642.
The proceeds of loans that were received and expended in prior years are not considered
federal awards expended when the laws, regulations and the provisions of contracts or grant
agreements pertaining to such loans impose no continuing compliance requirements other
than to repay the loans and have been excluded from the Schedule and the notes to the
Schedule.