Notes to SEFA
Title: LOANS OUTSTANDING
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of The FEDCAP Group (“FEDCAP”) and is presented on the accrual basis of accounting. 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). Therefore, some amounts presented in this schedule may differ from the amounts presented in, or used in the preparation of, the basic consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: FEDCAP has elected not to use the 10% de minimis indirect cost rate as provided by §200.414 Indirect (F&A) Costs of the Uniform Guidance.
Apex Technical School (“Apex”), a subsidiary of FEDCAP, is responsible only for the performance of certain ongoing administrative duties with respect to the Federal Direct Loan Program. Accordingly, the outstanding loan balances under this program are not included in FEDCAP’s basic consolidated financial statements. It is not practical to determine the balance of loans outstanding to students of Apex under this program at September 30, 2023.