Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Under CFDA number 84.268, the Federal Direct Student Loan Program (Direct Loan Program), the U.S. Department of Education makes loans to enable a student or parent to pay the costs of the student’s attendance at a postsecondary school. The Direct Loan Program enables an eligible student or parent to obtain a loan to pay for the student’s cost of attendance directly from the U.S. Department of Education rather than through private lenders. The Council administers the origination and disbursement of the loans to eligible students or parents. The Council is not responsible for the collection of these loans.
De Minimis Rate Used: N
Rate Explanation: The Council has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awards activity of the Council under programs for the federal government for the year ended December 31, 2022. The information in this Schedule is presented in accordance with 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 the Schedule presents only a selected portion of the operations of the Council, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Council.
Title: Federal Direct Studen Loan Program
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Under CFDA number 84.268, the Federal Direct Student Loan Program (Direct Loan Program), the U.S. Department of Education makes loans to enable a student or parent to pay the costs of the student’s attendance at a postsecondary school. The Direct Loan Program enables an eligible student or parent to obtain a loan to pay for the student’s cost of attendance directly from the U.S. Department of Education rather than through private lenders. The Council administers the origination and disbursement of the loans to eligible students or parents. The Council is not responsible for the collection of these loans.
De Minimis Rate Used: N
Rate Explanation: The Council has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Council participates in the Federal Direct Loan Program (the Program), CFDA number 84,268, which includes the Federal Subsidized Direct loan, the Federal Unsubsidized Direct Loan, the Federal Graduate Student PLUS Direct Loan, and Federal Direct Loans Parents of Undergraduate Students. The Program requires the Council to draw down cash; and the Council is required to perform certain administrative functions under the Program. Failure to perform such functions may require the Council to reimburse the loan guarantee agencies. The Council is not responsible for the collection of these loans. The value of loans made during the audit period are considered Federal Awards expended for the audit period.