Notes to SEFA
Title: 3. Basis of Presentation
Accounting Policies: Ascendium Education Group, Inc. and Affiliates (the Company) maintains its accounting records and prepares its consolidated financial statements in conformity with United States generally accepted accounting principles (GAAP). The information presented in the accompanying schedule of expenditures of federal awards (the Schedule) is based on the U.S. Department of Educations Guaranty Agency Financial Report - Form 2000 and other information, which is prepared on the cash basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Company did not use the 10% de minimis indirect cost rate as allowed under the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) because it is not applicable to the federal award programs presented in the Schedule.
The Schedule includes the federal award activity of the Company under programs of the federal government for the year ended December 31, 2023. This federal award is administered by Ascendium Education Solutions, Inc. (SOLUTIONS), a wholly owned subsidiary of the Company. The information in the Schedule is presented in accordance with the Uniform Guidance. Because the Schedule presents only a selected portion of the operations of the Company, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Company.
Title: 4. Federal Student Loan Programs
Accounting Policies: Ascendium Education Group, Inc. and Affiliates (the Company) maintains its accounting records and prepares its consolidated financial statements in conformity with United States generally accepted accounting principles (GAAP). The information presented in the accompanying schedule of expenditures of federal awards (the Schedule) is based on the U.S. Department of Educations Guaranty Agency Financial Report - Form 2000 and other information, which is prepared on the cash basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Company did not use the 10% de minimis indirect cost rate as allowed under the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) because it is not applicable to the federal award programs presented in the Schedule.
The Federal Family Education Loan Programs listed below are administered directly by the Company, and balances and transactions relating to these programs are included in the Companys basic consolidated financial statements. The balance of loan guarantees (84.032G) outstanding at December 31, 2023, consists of the following:U.S. Department of Education: Federal Family Education Loans (Guaranty Agencies) 84.032G $30,563,344,630