Audit 7901

Title: Basis of Presentation Accounting Policies: See Summary of Significant Accounting Policies De Minimis Rate Used: Y Rate Explanation: See Summary of Significant Accounting Policies The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal award activity of Granite Edvance Corporation (formerly New Hampshire Higher Education Loan Corporation) (the Company) under programs of the federal government for the year ended September 30, 2023. 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Company, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Company.

Title: Summary of Significant Accounting Policies Accounting Policies: See Summary of Significant Accounting Policies De Minimis Rate Used: Y Rate Explanation: See Summary of Significant Accounting Policies Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Company has elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.

Title: Loan Balances Accounting Policies: See Summary of Significant Accounting Policies De Minimis Rate Used: Y Rate Explanation: See Summary of Significant Accounting Policies See Notes to the SEFA for chart/table.