Title: 1) Summary of Significant Account Policies
Accounting Policies: 1) Summary of Significant Account Policies
(a) Federal Awards
The accompanying schedule of expenditures of federal awards (the Schedule) presents the activity of
all federal award programs of Regent University and Affiliated Organizations (Regent) for the year
ended June 30, 2023. The information in the 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). All
federal awards received directly and indirectly from federal agencies are included in the Schedule.
Because the Schedule presents only a selected portion of the operations of Regent, it is not intended
to, and does not, present the financial position, changes in net assets and cash flows of Regent.
(b) Basis of Accounting
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following cost principles contained in the Uniform Guidance, wherein
certain types of expenditures are not allowable or are limited as to reimbursement.
(c) Indirect Cost Rate
Regent has Regent has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform
Guidance.
De Minimis Rate Used: N
Rate Explanation: Regent has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
(a) Federal Awards
The accompanying schedule of expenditures of federal awards (the Schedule) presents the activity of
all federal award programs of Regent University and Affiliated Organizations (Regent) for the year
ended June 30, 2023. The information in the 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). All
federal awards received directly and indirectly from federal agencies are included in the Schedule.
Because the Schedule presents only a selected portion of the operations of Regent, it is not intended
to, and does not, present the financial position, changes in net assets and cash flows of Regent.
(b) Basis of Accounting
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following cost principles contained in the Uniform Guidance, wherein
certain types of expenditures are not allowable or are limited as to reimbursement.
(c) Indirect Cost Rate
Regent has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform
Guidance.
Title: 2) Federal Direct Loan Program
Accounting Policies: 1) Summary of Significant Account Policies
(a) Federal Awards
The accompanying schedule of expenditures of federal awards (the Schedule) presents the activity of
all federal award programs of Regent University and Affiliated Organizations (Regent) for the year
ended June 30, 2023. The information in the 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). All
federal awards received directly and indirectly from federal agencies are included in the Schedule.
Because the Schedule presents only a selected portion of the operations of Regent, it is not intended
to, and does not, present the financial position, changes in net assets and cash flows of Regent.
(b) Basis of Accounting
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following cost principles contained in the Uniform Guidance, wherein
certain types of expenditures are not allowable or are limited as to reimbursement.
(c) Indirect Cost Rate
Regent has Regent has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform
Guidance.
De Minimis Rate Used: N
Rate Explanation: Regent has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Regent participates in the Federal Direct Loan Programs (the FDL Programs), which include the Federal
Subsidized Stafford Loan Program, the Federal Unsubsidized Stafford Loan Program, and the Federal
PLUS (Parent and Graduate) Loan Program. The FDL Programs require Regent to request cash from the
U.S. Department of Education’s grants management system (G5) and reconcile disbursements made to
students using such funds.
The Schedule includes the FDL Programs, which are not included in the basic consolidated financial
statements of Regent as the U.S. Department of Education makes these loans. The amount loaned during
the year ended June 30, 2023 was $112,638,377. The expenditures for loans that are reported in the
Schedule represent amounts disbursed for the 2022–2023 award year.
Regent is responsible only for the performance of certain administrative functions with respect to the FDL
Programs, and, accordingly, these loans are not included in its basic consolidated financial statements. It is
not practicable to determine the balance of loans outstanding to students and former students of Regent
under the FDL Programs at June 30, 2023. During the fiscal year ended June 30, 2023, Regent processed the following amount of new loans under
the FDL programs: See the Notes to the SEFA for chart/table
Title: (3) Amounts Passed to Subrecipients
Accounting Policies: 1) Summary of Significant Account Policies
(a) Federal Awards
The accompanying schedule of expenditures of federal awards (the Schedule) presents the activity of
all federal award programs of Regent University and Affiliated Organizations (Regent) for the year
ended June 30, 2023. The information in the 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). All
federal awards received directly and indirectly from federal agencies are included in the Schedule.
Because the Schedule presents only a selected portion of the operations of Regent, it is not intended
to, and does not, present the financial position, changes in net assets and cash flows of Regent.
(b) Basis of Accounting
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following cost principles contained in the Uniform Guidance, wherein
certain types of expenditures are not allowable or are limited as to reimbursement.
(c) Indirect Cost Rate
Regent has Regent has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform
Guidance.
De Minimis Rate Used: N
Rate Explanation: Regent has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
There were no amounts passed to subrecipients for the year ended June 30, 2023.