Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: ECMC has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Educational Credit Management Corporation (ECMC) under programs of the federal government for the year ended December 31, 2024. Federal expenditures consist of $157,558,273 of expenditures, which are not reflected on the statement of activities. 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).
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: ECMC has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance.
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: ECMC has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
ECMC has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Loan Guarantee Programs
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: ECMC has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Original Principal Outstanding of loans in ECMC’s pre‑default portfolio was $11,244,857,527 as of December 31, 2024. The outstanding principal amount of loans in ECMC’s defaulted portfolio was $4,188,908,194 as of December 31, 2024.