Ủy viên Giáo dục Đại học Montana đảm bảo sinh viên vay vốn Quỹ Chương trình liên bang thu đặc biệt chú ý đến báo cáo tài chính năm tài chính kết thúc ngày 30 tháng 6 năm 2009 1. TÓM TẮT CÁC CHÍNH SÁCH KẾ TOÁN A. | This is trial version A-7 The Commissioner of Higher Education Montana Guaranteed Student Loan Program Federal Special Revenue Fund Notes to the Financial Statements For the Fiscal Year Ended June 30 2009 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. Description of Program The State of Montana s Guaranteed Student Loan Program MGSLP is located in the Office of the Commissioner of Higher Education. MGSLP was established by the Office of the Commissioner of Higher Education in fiscal year 1981 to coordinate and administer the federally insured student loans issued by various lending institutions. Montana s Federal Family Education Loan Program FFELP operates in compliance with and pursuant to agreements between the Montana Board of Regents and the . Department of Education DE pursuant to Section 428 of the Higher Education Act of 1965 as amended. On February 8 2006 President Bush signed the Higher Education Reconciliation Act of 2005 the HERA PUB. L. 109-171 which made changes to the Higher Education Act of 1965 as amended. B. Basis of Accounting The financial statements were prepared using the modified accrual basis of accounting and are presented in a budget to actual format which does not significantly differ from a GAAP presentation. Under the modified accrual basis of accounting revenues are recognized when they are realizable measurable earned and available. They are considered realizable and measurable if the transaction has been completed or there is enough information to reasonably estimate the revenue to be received. The revenue is considered earned when the services have taken place. Available means that the revenue is collectable within the current accounting period or will be received within sixty days after the end of the fiscal year. The expenditures are recorded when the department incurs the related liability and it is measurable. The budget information presented in the Statement of Revenues Expenditures and Changes in Fund .
