Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The accompanying schedule of federal awards includes the federal grant activity of Cumberland University and is presented on the same basis of accounting as Cumberland University's financial statements. The information in the schedule is presented in accordance with the requirements of the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: Only the National Archives and Records grant includes indirect costs. For that grant, the University used the 10% de minimus indirect cost rate allowed by the Uniform Guidance.
The accompanying schedule of federal awards includes the federal grant activity of Cumberland University and is presented on the same basis of accounting as Cumberland University's financial statements. The information in the schedule is presented in accordance with the requirements of the Uniform Guidance.
Title: Loans
Accounting Policies: The accompanying schedule of federal awards includes the federal grant activity of Cumberland University and is presented on the same basis of accounting as Cumberland University's financial statements. The information in the schedule is presented in accordance with the requirements of the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: Only the National Archives and Records grant includes indirect costs. For that grant, the University used the 10% de minimus indirect cost rate allowed by the Uniform Guidance.
During the year ended May 31, 2023, the University processed the following amount of new loans under the Federal Direct Student Loan Program : $5,695,952
Title: Indirect Cost Rate
Accounting Policies: The accompanying schedule of federal awards includes the federal grant activity of Cumberland University and is presented on the same basis of accounting as Cumberland University's financial statements. The information in the schedule is presented in accordance with the requirements of the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: Only the National Archives and Records grant includes indirect costs. For that grant, the University used the 10% de minimus indirect cost rate allowed by the Uniform Guidance.
Only the National Archives and Records grant includes indirect costs. For that grant, the University used the 10% de minimus indirect cost rate allowed by the Uniform Guidance.