Notes to SEFA
The accompanying schedule of expenditures of federal awards (“the Schedule”) includes the federal grant activity of World Learning, Inc. and Subsidiaries (collectively the “Organization”) and is presented on the accrual basis of accounting. The information in 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 (the “Uniform Guidance”). Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
During the year ended June 30, 2025, the Organization processed $970,244 of new loans under the Federal Direct Student Loan Program (“Direct Loan”). The Organization is responsible only for the performance of certain administrative duties with respect to the Direct Loan Program and, accordingly, the value of these loans is not reflected in the Organization’s basic financial statements. It is not practical to determine the balance of loans outstanding to students of the Organization under this program.
The Organization has elected not to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance for awards issued prior to October 1, 2024 or the 15% de minimus indirect cost rate allowed under the Uniform Guidance for awards issued on or after October 1, 2024.