Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federalaward/expenditure activity of the North Carolina State Education Assistance Authority (the Authority) underprograms of the federal government for the year ended June 30, 2022 and is presented on the accrual basis ofaccounting. The information in the 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, andAudit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selectedportion of the operations of the Authority, it is not intended to and does not present the net position, changesin net position, or cash flows of the Authority.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
FEDERAL FAMILY EDUCATION LOAN PROGRAM (INCLUDES LOAN GUARANTEES) (84.032) - Balances outstanding at the end of the audit period were 732716116.
Title: Federal Family Education Loan Program (FFELP)
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federalaward/expenditure activity of the North Carolina State Education Assistance Authority (the Authority) underprograms of the federal government for the year ended June 30, 2022 and is presented on the accrual basis ofaccounting. The information in the 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, andAudit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selectedportion of the operations of the Authority, it is not intended to and does not present the net position, changesin net position, or cash flows of the Authority.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Pursuant to certain amendments to the Higher Education Act of 1965, as amended, included in the Health Care and Education Reconciliation Act of 2010, all new federal student loans have been originated through the Federal Direct Loan Program since July 1, 2010. As a result, the Schedule reflects the balance of FFELP loans guaranteed by the Authority for the years ending June 30, 2010 and prior. Loans outstanding atthe beginning of the year are included in the federal expenditures presented in the Schedule.
Title: Continuing Compliance Requirements
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federalaward/expenditure activity of the North Carolina State Education Assistance Authority (the Authority) underprograms of the federal government for the year ended June 30, 2022 and is presented on the accrual basis ofaccounting. The information in the 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, andAudit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selectedportion of the operations of the Authority, it is not intended to and does not present the net position, changesin net position, or cash flows of the Authority.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Guaranteed student loans impose no continuing compliance requirements other than to repay the loans.