Title: Note 1 - Basis of Presentation
Accounting Policies: NOTE 2 - 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 OMB Circular A-122, Cost Principles for Non-profit
Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Expenditures for certain awards include facilities and administrative costs (indirect costs). Facilities and
administrative costs allocated to such awards for the year ended June 30, 2023 were based on predetermined
fixed rates negotiated with the University’s cognizant federal agency, the U.S. Department of Education.
De Minimis Rate Used: N
Rate Explanation: There are predetermined fixed rates negotiated with the U.S. Department of Education, as well as agreements in place for various grants' indirect cost rates.
The accompanying schedule of expenditures of federal and state awards (the “Schedule”) includes the federal and
state grant activity of Lincoln Memorial University (the “University”) under programs of the federal and state
governments for the year ended June 30, 2023. The information in this Schedule is presented in accordance with
the requirements of the Uniform Guidance. Therefore, some amounts presented in the Schedule may differ from
amounts presented in or used in the preparation of the basic financial statements. Catalog of Federal Domestic
Assistance (“CFDA”) numbers are presented for those programs for which such numbers were available. All
programs are presented by the federal department. Because the Schedule presents only a selected portion of the
operations of the University, it is not intended to and does not present the financial position, changes in net
assets, or cash flows of the University.
Title: Note 2 - Summary of Significant Accounting Policies
Accounting Policies: NOTE 2 - 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 OMB Circular A-122, Cost Principles for Non-profit
Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Expenditures for certain awards include facilities and administrative costs (indirect costs). Facilities and
administrative costs allocated to such awards for the year ended June 30, 2023 were based on predetermined
fixed rates negotiated with the University’s cognizant federal agency, the U.S. Department of Education.
De Minimis Rate Used: N
Rate Explanation: There are predetermined fixed rates negotiated with the U.S. Department of Education, as well as agreements in place for various grants' indirect cost rates.
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 A-122, Cost Principles for Non-profit
Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Expenditures for certain awards include facilities and administrative costs (indirect costs). Facilities and
administrative costs allocated to such awards for the year ended June 30, 2023 were based on predetermined
fixed rates negotiated with the University’s cognizant federal agency, the U.S. Department of Education.
Title: Note 3 - Loans
Accounting Policies: NOTE 2 - 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 OMB Circular A-122, Cost Principles for Non-profit
Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Expenditures for certain awards include facilities and administrative costs (indirect costs). Facilities and
administrative costs allocated to such awards for the year ended June 30, 2023 were based on predetermined
fixed rates negotiated with the University’s cognizant federal agency, the U.S. Department of Education.
De Minimis Rate Used: N
Rate Explanation: There are predetermined fixed rates negotiated with the U.S. Department of Education, as well as agreements in place for various grants' indirect cost rates.
Loans made by the University to eligible students under the Federal Perkins Loan Program and federal student
loans issued by the Federal Direct Student Loan Program during the year ended June 30, 2023 are summarized as
follows:
Federal Direct Student Loan Program
Federal Subsidized Stafford Loans $ 2,676,731
Federal Unsubsidized Stafford Loans 111,874,011
Federal PLUS Loans 93,897,925
$ 208,448,667
At June 30, 2023, the University had loans outstanding in the amount of $449,557 with an allowance for doubtful
accounts of $418,557 under the Perkins Loan program. The outstanding loan balance is included in the
accompanying Schedule.