The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the Federal grant activity of the Spanish American Basic Education and Rehabilitation, Inc. S.A.B.E.R., 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, Audits of States, Local Governments, and Non-Profit Organizations. Because this schedule presents only a selected portion of the operation of the Spanish American Basic Education and Rehabilitation, Inc. S.A.B.E.R., it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Spanish American Basic Education and Rehabilitation, Inc. S.A.B.E.R.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, Cost principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Spanish American Basic Education and Rehabilitation, Inc. S.A.B.E.R. has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Federal student loans processed during the fiscal year ended June 30, 2025 are as follows: The transactions are between the students and an outside third party, under the Federal Family Loan Program, which includes subsidized Stafford Loans, Parent’s Plus Loans for Undergraduate Students, and unsubsidized Stafford Loan, SABER College is responsible only for the performance of certain administrative duties with respect to these loans and, accordingly balances and transactions related to this loan program are not included in SABER’s financial statements. The third-party provider of the loans owns the asset, not SABER. Therefore, SABER does not carry on its statement of financial position the balance of loans outstanding made by third parties to students and former students of SABER as of June 30, 2025.
The grant revenue amounts received are subject to audit and adjustment. If any expenditure is disallowed by the grant agencies as a result of such an audit, any claim of reimbursement to the grantor agencies would become liability of SABER. In the opinion of management, all grant expenditures are in compliance with the terms of the grant agreements, and applicable federal laws and regulations.