Notes to SEFA
Title: Loan/loan gurantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of ELFI and its subsidiaries (the Company) under the Federal Family Education Loan Program (FFELP) for the year ended December 31, 2023. The information in the Schedule is presented on the accrual basis of accounting and in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administration Requirements, Cost Principles, and Audit Requirements for Federal Awards (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 consolidated financial position, changes in net assets or cash flows of the Company. Therefore, some amounts presented in the Schedule may differ from amounts presented in the consolidated financial statements. The Company did not have any subrecipient expenditures during the year ended December 31, 2023.
De Minimis Rate Used: N
Rate Explanation: The company has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Federal Family Education Loan Program (84.032) - Balances outstanding at the end of the audit period were 1,733,000,000