Notes to SEFA
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal grant activity of East Point Academy (the "Academy") 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 Title 2 U.S. Code of Federal Regulations (CFR) 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 Academy, it is not intended to and does not present the financial position, change in net position, or cash flows of the Academy.
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. Pass-through entity identifying numbers are presented where available.
The Academy has a restricted indirect cost rate that is used for its federal programs and did not use the 10% de Minimis indirect cost rate allowed under the Uniform Guidance and covered in 2 CFR Part 200.414.
Federal loans outstanding at June 30, 2025, consist of the following: Communities Facilities Loans and Grants - Direct Loan $ 9,317,149 Communities Facilities Loans and Grants - Direct Loan 9,224,901 Communities Facilities Loans and Grants - Direct Loan 4,194,060 Communities Facilities Loans and Grants - Guaranteed Loan 4 ,521,618 Ending Federal Loan Balance $27,257,728