Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The purpose of the schedule of expenditures of federal awards (the Schedule) is to present a summary ofthose expenditures of Iowa Student Loan Liquidity Corporation (ISLLC) for the year ended June 30, 2022,which have been financed by the U.S. government (federal financial assistance). For purposes of theSchedule, federal financial assistance includes all federal assistance entered into between ISLLC and thefederal government. Because the Schedule presents only a selected portion of the activities of ISLLC, it isnot intended to, and does not, present the net position or changes in net position of ISLLC.Deductions or expenditures for direct costs are recognized as incurred using the accrual method ofaccounting and the cost accounting principles contained in the Title 2 U.S. Code of Federal RegulationsPart 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for FederalAwards (Uniform Guidance). Under those cost principles, certain types of expenditures are not allowable orare limited as to reimbursement.ISLLC was incorporated in 1979 as a private nonprofit corporation for the purpose of providing funds for theacquisition of student loan notes incurred under the United States Higher Education Act of 1965, asamended, and to provide procedures for servicing such notes.ISLLC has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
FEDERAL FAMILY EDUCATION LOAN PROGRAM (84.032) - Balances outstanding at the end of the audit period were 952677924.
Title: Calculation of Federal Awards Expended
Accounting Policies: The purpose of the schedule of expenditures of federal awards (the Schedule) is to present a summary ofthose expenditures of Iowa Student Loan Liquidity Corporation (ISLLC) for the year ended June 30, 2022,which have been financed by the U.S. government (federal financial assistance). For purposes of theSchedule, federal financial assistance includes all federal assistance entered into between ISLLC and thefederal government. Because the Schedule presents only a selected portion of the activities of ISLLC, it isnot intended to, and does not, present the net position or changes in net position of ISLLC.Deductions or expenditures for direct costs are recognized as incurred using the accrual method ofaccounting and the cost accounting principles contained in the Title 2 U.S. Code of Federal RegulationsPart 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for FederalAwards (Uniform Guidance). Under those cost principles, certain types of expenditures are not allowable orare limited as to reimbursement.ISLLC was incorporated in 1979 as a private nonprofit corporation for the purpose of providing funds for theacquisition of student loan notes incurred under the United States Higher Education Act of 1965, asamended, and to provide procedures for servicing such notes.ISLLC has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
ISLLC has determined total federal awards expended as follows: New loans purchased or repurchased of $676,856,886; Beginning of period loans from previous years of $356,103,645 and Interest subsidy, cash, or administrative cost allowance received of $(5,258,294); Total $1,027,702,237.