Title: Federal Family Education Loan Program
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, 2024. 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 Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). Such expenditures are recognized following the cost principles contained in the 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.
De Minimis Rate Used: N
Rate Explanation: The Company did not have any subrecipient expenditures during the year ended December 31, 2024. The Company has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Total outstanding FFELP loan balance (in thousands) at December 31, 2024 was approximately $1,320,000.
Title: Subsequent Events
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, 2024. 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 Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). Such expenditures are recognized following the cost principles contained in the 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.
De Minimis Rate Used: N
Rate Explanation: The Company did not have any subrecipient expenditures during the year ended December 31, 2024. The Company has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Since January 20, 2025, President Trump has issued multiple executive orders as he took office along with specific departmental, agency and Office of Management and Budget guidance which have imposed potential restrictions on certain programs, payments, new awards and existing programs, impacting many organizations that receive and expend federal funding. On March 20, 2025, President Trump signed an executive order to close the U.S. Department of Education and to return education authority to the States. The full impact of the executive orders continues to evolve as of April 29, 2025. As such, it is uncertain as to the full magnitude that these matters will have on the Company’s financial condition, liquidity, and future results of operations. The Company is actively monitoring the impact of these events on its financial condition, liquidity, operations, industry and workforce. Given the daily evolution of these matters through April 29, 2025, the Company is not able to reasonably estimate the effects of the executive orders on the results of its operations, financial condition, or liquidity for fiscal year 2025. As of April 29, 2025, the Company has not experienced a material negative impact to its operations.