Notes to SEFA
During the year ended December 31, 2024, the Company processed approximately $1,135,000 in new loans under the Federal Direct Student Loans (FDSL) Program (which includes the Stafford Loan Program) (Federal Assistance Listing No. 84.268). Since the FDSL Program is administered by the U.S. Department of Education, new loans made during the year ended December 31, 2024, relating to this program are considered current period federal expenditures, whereas the outstanding balances are not. The total for new loans made or received during the year ended December 31, 2024, is reported in the accompanying Schedule of Expenditures of Federal Awards.
The Company incurred certain expenditures related to the Coronavirus 2019 (COVID-19) Pandemic which are eligible for reimbursement from the Federal Emergency Management Agency (FEMA) Disaster Grants – Public Assistance (Presidentially Declared Disasters) (Federal Assistance Listing No. 97.036). The Company has applied for and received approval for reimbursement of qualifying expenses totaling approximately $3,556,000 from FEMA for the year ended December 31, 2024. The costs were incurred in prior periods and approved by FEMA in 2024. These amounts have been included in the accompanying Schedule of Expenditures of Federal Awards for the year ended December 31, 2024, in accordance with the guidance specific to Federal Assistance Listing No. 97.036.