Notes to SEFA
Title: LOAN PROGRAM
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers arepresented where available.
De Minimis Rate Used: N
Rate Explanation: VSAC has not elected to use the 10% de minimis indirect cost rate.
VSAC had the following federal government loan guarantees outstanding at June 30, 2022: Program Title: Federal Funding Education Loan Program. Federal AL Number 84.032. Amount Guaranteed and Outstanding: $259,979,559.
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers arepresented where available.
De Minimis Rate Used: N
Rate Explanation: VSAC has not elected to use the 10% de minimis indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grantactivity of VSAC for the year ended June 30, 2022. The information in this Schedule is presented in accordancewith requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because theSchedule presents only a portion of the operations of VSAC, it is not intended to and does not present thefinancial position, changes in net assets or cash flows of VSAC.
Title: SUBRECIPIENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers arepresented where available.
De Minimis Rate Used: N
Rate Explanation: VSAC has not elected to use the 10% de minimis indirect cost rate.
Certain funds are passed through to sub-grantee organizations by VSAC. Expenditures incurred by the subgrantees and reimbursed by VSAC are included in the Schedule.