Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Richmont Graduate University has elected not to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal and state awards includes the federal grant
activity of Richmont Graduate University under programs of the federal government and State of
Tennessee for the year ended June 30, 2024. The information in this 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).Because the schedule presents only a selected portion of the operations of
Richmont Graduate University, it is not intended to and does not present the financial position,
changes in net assets, or cash flows of Richmont Graduate University.
Title: Subrecipients
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Richmont Graduate University has elected not to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.
Of the expenditures presented in the schedule, Richmont Graduate University did not provide federal or
state awards to sub recipients.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Richmont Graduate University has elected not to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.
Expenditures reported on the schedule are reported on the accrual basis of accounting.
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Richmont Graduate University has elected not to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.
Richmont Graduate University has elected not to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.
Title: Federal Loans Disbursed
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Richmont Graduate University has elected not to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.
The University participates in the Federal Direct Loan Program, including Federal Stafford Loans
(Stafford) and Federal PLUS Loans (PLUS). The dollar amounts are listed in the schedule of federal
awards although the University is not the recipient of the funds. Such programs are considered a
component of the student financial assistance cluster. Loans processed by the University under this loan
program were the following for the year ended June 30, 2024: