Notes to SEFA
Title: Loan/loan guarantee outstanding balances
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 OMB Circular A21, Cost Principles for Educational Institutions. wherein certain types of expenditures are not allowable or are limited as to reimbursement. Memphis Theological Seminary of the Cumberland Presbyterian Church elected to use the ten percent de minimis indirect cost rate option.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
FEDERAL DIRECT STUDENT LOANS (84.268) - Balances outstanding at the end of the audit period were 1332145.