Notes to SEFA
Title: Loans Outstanding
Accounting Policies: The purpose of the schedule of expenditures of federal awards (the Schedule) is to present a summary of
those expenditures of Iowa Student Loan Liquidity Corporation (ISLLC) for the year ended June 30, 2023,
which have been financed by the U.S. government (federal financial assistance). For purposes of the
Schedule, federal financial assistance includes all federal assistance entered into between ISLLC and the
federal government. Because the Schedule presents only a selected portion of the activities of ISLLC, it is
not 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 of
accounting and the cost accounting principles contained in the Title 2 U.S. Code of Federal Regulations
Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal
Awards (Uniform Guidance). Under those cost principles, certain types of expenditures are not allowable or
are limited as to reimbursement.
ISLLC was incorporated in 1979 as a private nonprofit corporation for the purpose of providing funds for the
acquisition of student loan notes incurred under the United States Higher Education Act of 1965, as
amended, 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 had the following loan balances outstanding at June 30, 2023. These loan balances are included in
the federal expenditures presented in the Schedule.
See the Notes to the SEFA for chart/table
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 of
those expenditures of Iowa Student Loan Liquidity Corporation (ISLLC) for the year ended June 30, 2023,
which have been financed by the U.S. government (federal financial assistance). For purposes of the
Schedule, federal financial assistance includes all federal assistance entered into between ISLLC and the
federal government. Because the Schedule presents only a selected portion of the activities of ISLLC, it is
not 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 of
accounting and the cost accounting principles contained in the Title 2 U.S. Code of Federal Regulations
Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal
Awards (Uniform Guidance). Under those cost principles, certain types of expenditures are not allowable or
are limited as to reimbursement.
ISLLC was incorporated in 1979 as a private nonprofit corporation for the purpose of providing funds for the
acquisition of student loan notes incurred under the United States Higher Education Act of 1965, as
amended, 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:
See the Notes to the SEFA for chart/table