Notes to SEFA
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, 2025. 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.
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, 2025 were based on predetermined fixed rates negotiated with the University’s cognizant federal agency, the U.S. Department of Education.
Federal student loans issued by the Federal Direct Student Loan Program during the year ended June 30, 2025 are summarized as follows: Federal Direct Student Loan Program Federal Subsidized Stafford Loans $ 2,790,491 Federal Unsubsidized Stafford Loans 129,509,292 Federal PLUS Loans 128,694,590 $ 2 60,994,373