Notes to SEFA
Title: Loan/Loan Guarantee Outstanding Balances
Accounting Policies: The Higher Education Loan Authority of the State of Missouri (the Company) maintains its schedule of expenditures of federal awards (the Schedule) on the accrual basis of accounting. 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 (the Uniform Guidance). Accordingly, some amounts presented in this Schedule may differ from amounts presented in or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Company did not use the 10% de minimis cost rate allowed by the Uniform Guidance.
The Schedule includes loans outstanding at the beginning of the year of $1,098,077,528, for which the federal government imposes continuing compliance requirements related to the Federal Family Education Loan (FFEL) program. In addition, the Schedule includes $1,539,838 for interest subsidy earned by the Company. These amounts are considered federal awards expended for the year ended June 30, 2022. The balance of FFEL loans outstanding at June 30, 2022 is $991,712,000.