Audit 48125

Title: Loan/loan guarantee outstanding balances Accounting Policies: Basis of PresentationThe accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal grant activity of Alexander Graham Bell Montessori School under programs of the federal government for the year ended May 31, 2022. 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). Therefore, some amounts presented in this Schedule may differ from amounts presented in or used in the preparation of the basic financial statements. Because the Schedule presents only a selected portion of the operations of Alexander Graham Bell Montessori School, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows, if applicable, of Alexander Graham Bell Montessori School. Pass-through entity identifying numbers are presented where available.The Organization has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.Basis of AccountingThe accompanying schedule of expenditures of Federal awards is presented on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. Payments to SubrecipientsAlexander Graham Bell Montessori School provided no Federal awards to sub-recipients during the year ended May 31, 2022.Non - Cash AssistanceAlexander Graham Bell Montessori School neither received nor disbursed Federal awards in the form of non-monetary assistance during the year ended May 31, 2022.Insurance, Loans, and Loan GuaranteesDuring the year ended May 31, 2021, Alexander Graham Bell Montessori School initially received a $150,000 COVID-19 Economic Injury Disaster Loan (EIDL), administered by the SBA and available under the provisions of the CARES Act for the purpose of meeting obligations and operating expenses that could have been met had the disaster not occurred. The loan was modified during the year ended May 31, 2022, increasing the total loan amount to $2,000,000. The full loan amount was outstanding at May 31, 2022. De Minimis Rate Used: N Rate Explanation: The Organization has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. DISASTER ASSISTANCE LOANS (59.008) - Balances outstanding at the end of the audit period were 2000000.