Notes to SEFA
Accounting Policies: Except for the Federal Family Education Loan Program (FFEL), expenditures reported on the SEFA 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. The amount for FFEL represents the guaranteed amount of the loan outstanding at December 31, 2022, for which the federal government imposes continuing compliance requirements.
De Minimis Rate Used: N
Rate Explanation: Management decision