Notes to SEFA
Accounting Policies: NOTE 1: BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards includes federal grant activity of Belmont
College (the College) includes the federal award activity of the federal government for the year ended
June 30, 2024. The information on this Schedule is prepared 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). Because the Schedule presents only a
selected portion of the operations of the College, it is not intended to and does not present the financial
position, changes in net position, or cash flows of the College.
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 Title 2 U.S. Code of Federal Regulations Part
200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards,
wherein certain types of expenditures may or may not be allowable or may be limited as to
reimbursement. The College has elected not to use the 10-percent de minimis indirect cost rate
as allowed under the Uniform Guidance.
NOTE 3: FEDERAL DIRECT LOAN PROGRAM
The College participates in the William D. Ford Federal Direct Loan Program. The College originates the
loans which are then funded through the U.S. Department of Education.
Federal Subsidized Loans
Federal Unsubsidized Loans
Plus Loans
Total Federal Direct Student Loans
$ 260,577
417,869
1,294
$ 679,740
De Minimis Rate Used: N
Rate Explanation: N/A