Notes to SEFA
Title: Federal Loan Program
Accounting Policies: Note A - Significant Accounting PoliciesThe accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Note B - Federal Loan ProgramFor the five months ended June 30, 2021, Ross Education, LLC d/b/a Ross Medical Education Center acted as a pass-through agency for Direct Federal Stafford Loans (subsidized, unsubsidized and PLUS) to students and parents in the amount of $21,803,046.
Title: Other Information
Accounting Policies: Note A - Significant Accounting PoliciesThe accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Note C - Other InformationThe auditee did not receive any federal insurance or federal noncash assistance and did not provide any amounts to sub-recipients.The auditee has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.