Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Expenditures reported in the SEFSA are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
COMMUNITY FACILITIES LOANS AND GRANTS (10.766) - Balances outstanding at the end of the audit period were 12351784.
Title: Basis of Presentation
Accounting Policies: Expenditures reported in the SEFSA are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule of Federal and State Awards (SEFSA) includes the Federal and State grant activity of Pinnacle Classical Academy under the programs of the federal government and the State of North Carolina for the year ended June 30, 2022. 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 Pinnacle Classical Academy, it is not intended to and does not present the financial position, changes in net position, or cash flows of Pinnacle Classical Academy.
Title: Outstanding USDA Loans
Accounting Policies: Expenditures reported in the SEFSA are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Pinnacle Classical Academy had loan balances outstanding at June 30, 2022 for loans that the grantor has still imposed continuing compliance requirements. Beginning in fiscal year ended June 30, 2022 loans outstanding at the beginning of the year are included in the SEFSA. The balance outstanding at July 1, 2021 was $12,523,510 and the balance outstanding at June 30, 2022 is $12,351,784.