Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE 1 BASIS OF PRESENTATIONThe information in this schedule is presented in accordance with the requirements of The UniformGuidance. Because the schedule presents only a selected portion of the operations of Richmont GraduateUniversity, it is not intended to and does not present the financial position, changes in net assets, or cashflows of Richmont Graduate University.NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
FEDERAL DIRECT STUDENT LOANS (84.268) - Balances outstanding at the end of the audit period were 3231053.