Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Note A Basis of PresentationThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity ofWoodstock Academy under programs of the federal government for the year ended June 30, 2022. The informationis this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (UniformGuidance). Because the Schedule presents only a selected portion of the operations of Woodstock Academy, it isnot intended to and does not present the financial position, changes in net assets, or cash flows of WoodstockAcademy.Note B Summary of Significant Accounting Policies1. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement.2. Woodstock Academy did not use the 10 percent de minimis indirect cost rate.3. Pass-through entity identifying numbers are presented where available.
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 15782632.
Title: Note C Loans Outstanding
Accounting Policies: Note A Basis of PresentationThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity ofWoodstock Academy under programs of the federal government for the year ended June 30, 2022. The informationis this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (UniformGuidance). Because the Schedule presents only a selected portion of the operations of Woodstock Academy, it isnot intended to and does not present the financial position, changes in net assets, or cash flows of WoodstockAcademy.Note B Summary of Significant Accounting Policies1. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement.2. Woodstock Academy did not use the 10 percent de minimis indirect cost rate.3. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Woodstock Academy had the following loan balances outstanding at June 30, 2022. The loan balances as of the beginning of the year are included in the federal expenditures presented in the schedule:Community Facilities Loans and Grants (Community FacilitiesLoans and Grants Cluster) #97-02 10.766 $2,160,775Community Facilities Loans and Grants (Community FacilitiesLoans and Grants Cluster) #97-03 10.766 $5,338,295Community Facilities Loans and Grants (Community FacilitiesLoans and Grants Cluster) #97-04 10.766 $8,283,562