Notes to SEFA
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, 2024. 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. Assistance listing 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, 2024 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.
Federal student loans issued by the Federal Direct Student Loan Program during the year ended June 30, 2024 are
summarized as follows:
Federal Direct Student Loan Program
Federal Subsidized Stafford Loans $ 2,726,229
Federal Unsubsidized Stafford Loans 123,378,682
Federal PLUS Loans 113,982,174
$ 240,087,085