Correct.
“Every tournament will have the Base Value + TVA multiplied by the TGP to determine the final 1st place value of the tournament. The TGP will be based on the quality of the format of the event. Both the finals component of a tournament and the qualifying portion of a tournament (if there is one) will be included in the calculation. Tournaments that have unlimited qualifying attempts will be graded slightly different from tournaments that have limited qualifying attempts or no qualifying portion. Please note the Pingolf format now has it’s own unique grading system, available HERE.”
Also, note that I edited my prior post re: TGP.