Notes to SEFA
The accompanying Schedule Expenditures of Federal and State (SEFSA) grant activity of Lake Lure Classical Academy under the programs of the federal government and the State of North Carolina for the year ended June 30, 2025. The information in this SEFSA is presented in accordance with the requirements of Title 2 US Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit requirements for Federal awards and the State Single Audit Implementation Act. Because the Schedule presents only a selected portion of the operations of Lake Lure Classical Academy, it is not intended to and does not present the financial position, changes in net position, or cash flows of Lake Lure Classical Academy.
Lake Lure Classical Academy had loan balances outstanding at June 30, 2023 for loans that the grantor still has imposed continuing compliance requirements. Beginning in fiscal year ending June 30, 2023 loans outstanding at the beginning of the year are included in the SEFSA. AL No. 10.766 Community Facilities Loans and Grants $10,730,978.