Sallie Mae 2014 Annual Report Download - page 75

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Weighted Average Life
The following table reflects the weighted average life of our earning assets and liabilities at December 31, 2014.
Weighted
Average
(Averages in Years)
Life
Earning assets
Student loans
6.2
Cash and investments
0.4
Total earning assets
5.0
Deposits
Short-term deposits
0.1
Long-term deposits
3.3
Total deposits
1.2
Item 8. Financial Statements and Supplementary Data
Reference is made to the financial statements listed under the heading “(a) 1.A. Financial Statements” of Item 15 hereof, which
financial statements are incorporated by reference in response to this Item 8.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Nothing to report.
Item 9A. Controls and Procedures
Disclosure Controls and Procedures
Our management, with the participation of our principal executive officer and principal financial officer, evaluated the
effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”)) as of December 31, 2014. Based on this evaluation, our principal
executive officer and principal financial officer concluded that, as of December 31, 2014, our disclosure controls and
procedures were effective to ensure that information required to be disclosed by us in the reports that we file or submit under
the Exchange Act is (a) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and
forms and (b) accumulated and communicated to our management, including our principal executive officer and principal
financial officer as appropriate, to allow timely decisions regarding required disclosure.
Management’s Report on Internal Control over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as
defined in Rule 13a-15(f) under the Exchange Act). Under the supervision and with the participation of our management,
including our principal executive officer and principal financial officer, we assessed the effectiveness of our internal control
over financial reporting as of December 31, 2014. In making this assessment, our management used the criteria established in
Internal Control — Integrated Framework (1992) issued by the Committee of Sponsoring Organizations of the Treadway
Commission (“COSO”). Based on our assessment and those criteria, management concluded that, as of December 31, 2014, our
internal control over financial reporting is effective.
KPMG LLP, an independent registered public accounting firm, audited the effectiveness of the Company’s internal
control over financial reporting as of December 31, 2014, as stated in their report, which appears below.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
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