Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: NSLP receives financial awards from the federal government for the purpose of administering the Federal Family Education Loan Program. The amounts reported as federal expenditures were obtained from the records maintained by NSLP. All amounts received during the year ended September 30, 2022 were expended.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
FEDERAL FAMILY EDUCATION LOAN (84.032G) - Balances outstanding at the end of the audit period were $1,408,126,852. Loans outstanding and guaranteed by NSLP at September 30, 2022 subject to continual compliance requirements were approximately $1.408 billion. The principal and interest balance of loans in default at September 30, 2022 was approximately $527 million.
Title: BASIS OF PRESENTATION
Accounting Policies: NSLP receives financial awards from the federal government for the purpose of administering the Federal Family Education Loan Program. The amounts reported as federal expenditures were obtained from the records maintained by NSLP. All amounts received during the year ended September 30, 2022 were expended.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The reporting entity for the schedule of expenditures of federal awards is the same as the related financial statements. The accompanying schedule of expenditures of federal awards includes the federal grant activity of NSLP and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedulemay differ from amounts presented in, or used in the preparation of, federal financial reports.
Title: INDIRECT COST RATE
Accounting Policies: NSLP receives financial awards from the federal government for the purpose of administering the Federal Family Education Loan Program. The amounts reported as federal expenditures were obtained from the records maintained by NSLP. All amounts received during the year ended September 30, 2022 were expended.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
For the year ended September 30, 2022, NSLP did not claim any indirect costs.