Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Pee Dee Math, Science and Technology Academy (the School) under programs of the federal government for the year ended June 30, 2025. The information in this schedule is presented in accordance with the requirements of the audit 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 the School, it is not intended to and does not present the statements of financial position, activities, and cash flows of the School.
Basis of Accounting – Expenditures reported on the schedule are reported on the modified accrual basis of accounting.
The School has elected not to use the 10% de minimums indirect cost rate as allowed under Uniform Guidance.
The federal expenditures of the Community Facility Loan (Federal Assistance Listing Number 10.766) relate to a US Department of Agriculture loan with a balance of $5,678,620 as of June 30, 2025. The loan closed in December 2024 and included paying off interim financing as well as making additional funds available for draw. The loan has continuing future compliance requirements. Federal loan balances outstanding as of June 30, 2025 are as follows: Loan Program US Department of Agriculture Rural Development Loan $ 5,678,620