Title: NOTE 1---SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Nature of Organization American Baptist College (the “College”) was founded in 1924. In 1971, the College became an accredited four-year undergraduate bible college. The College is an accredited member of the Commission on Accreditation of the Association for Biblical Higher Education (ABHE); approved to award the Associate of Arts, Bachelor of Arts, and Bachelor of Theology degrees. The mission statement of the College is to educate, graduate and prepare a predominantly African American student population for leadership, service and social justice in the world. The school offers a quality educational program with a liberal arts emphasis, equipping diverse students intellectually, morally, spiritually, socially, and theologically. The College offers undergraduate and graduate degree programs at its Nashville, Tennessee campus and globally on-line. Its fields of study include a mandatory divisional major in Biblical-Theological Studies and additional majors in Pastoral Studies, Christian Education or Social Sciences Basis of Presentation The accompanying schedule of expenditures of federal awards is presented in accordance with the requirements by Title 2 U.S. Code of Federal Regulations (“CFR”) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”), on the accrual basis of accounting consistent with the basis of accounting used by the College in the preparation of its financial statements. Therefore some amounts presented may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The College did not elect to utilize the 10% De Minimis election in the fiscal year June 30, 2023.
Nature of Organization American Baptist College (the “College”) was founded in 1924. In 1971, the College became an accredited four-year undergraduate bible college. The College is an accredited member of the Commission on Accreditation of the Association for Biblical Higher Education (ABHE); approved to award the Associate of Arts, Bachelor of Arts, and Bachelor of Theology degrees. The mission statement of the College is to educate, graduate and prepare a predominantly African American student population for leadership, service and social justice in the world. The school offers a quality educational program with a liberal arts emphasis, equipping diverse students intellectually, morally, spiritually, socially, and theologically. The College offers undergraduate and graduate degree programs at its Nashville, Tennessee campus and globally on-line. Its fields of study include a mandatory divisional major in Biblical-Theological Studies and additional majors in Pastoral Studies, Christian Education or Social Sciences Basis of Presentation The accompanying schedule of expenditures of federal awards is presented in accordance with the requirements by Title 2 U.S. Code of Federal Regulations (“CFR”) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”), on the accrual basis of accounting consistent with the basis of accounting used by the College in the preparation of its financial statements. Therefore some amounts presented may differ from amounts presented in, or used in the preparation of, the financial statements.
Title: NOTE 2---DE MINIMIS ELECTION
Accounting Policies: Nature of Organization American Baptist College (the “College”) was founded in 1924. In 1971, the College became an accredited four-year undergraduate bible college. The College is an accredited member of the Commission on Accreditation of the Association for Biblical Higher Education (ABHE); approved to award the Associate of Arts, Bachelor of Arts, and Bachelor of Theology degrees. The mission statement of the College is to educate, graduate and prepare a predominantly African American student population for leadership, service and social justice in the world. The school offers a quality educational program with a liberal arts emphasis, equipping diverse students intellectually, morally, spiritually, socially, and theologically. The College offers undergraduate and graduate degree programs at its Nashville, Tennessee campus and globally on-line. Its fields of study include a mandatory divisional major in Biblical-Theological Studies and additional majors in Pastoral Studies, Christian Education or Social Sciences Basis of Presentation The accompanying schedule of expenditures of federal awards is presented in accordance with the requirements by Title 2 U.S. Code of Federal Regulations (“CFR”) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”), on the accrual basis of accounting consistent with the basis of accounting used by the College in the preparation of its financial statements. Therefore some amounts presented may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The College did not elect to utilize the 10% De Minimis election in the fiscal year June 30, 2023.
The College did not elect to utilize the 10% De Minimis election in the fiscal year June 30, 2023.
Title: NOTE 3---FEDERAL DIRECT LOAN PROGRAM
Accounting Policies: Nature of Organization American Baptist College (the “College”) was founded in 1924. In 1971, the College became an accredited four-year undergraduate bible college. The College is an accredited member of the Commission on Accreditation of the Association for Biblical Higher Education (ABHE); approved to award the Associate of Arts, Bachelor of Arts, and Bachelor of Theology degrees. The mission statement of the College is to educate, graduate and prepare a predominantly African American student population for leadership, service and social justice in the world. The school offers a quality educational program with a liberal arts emphasis, equipping diverse students intellectually, morally, spiritually, socially, and theologically. The College offers undergraduate and graduate degree programs at its Nashville, Tennessee campus and globally on-line. Its fields of study include a mandatory divisional major in Biblical-Theological Studies and additional majors in Pastoral Studies, Christian Education or Social Sciences Basis of Presentation The accompanying schedule of expenditures of federal awards is presented in accordance with the requirements by Title 2 U.S. Code of Federal Regulations (“CFR”) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”), on the accrual basis of accounting consistent with the basis of accounting used by the College in the preparation of its financial statements. Therefore some amounts presented may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The College did not elect to utilize the 10% De Minimis election in the fiscal year June 30, 2023.
During the year ended June 30, 2023, the College processed $ 322,339 of new loans under the Federal Direct Loan Program, CFDA Number 84.268.
Title: NOTE 4---SUBSEQUENT EVENTS
Accounting Policies: Nature of Organization American Baptist College (the “College”) was founded in 1924. In 1971, the College became an accredited four-year undergraduate bible college. The College is an accredited member of the Commission on Accreditation of the Association for Biblical Higher Education (ABHE); approved to award the Associate of Arts, Bachelor of Arts, and Bachelor of Theology degrees. The mission statement of the College is to educate, graduate and prepare a predominantly African American student population for leadership, service and social justice in the world. The school offers a quality educational program with a liberal arts emphasis, equipping diverse students intellectually, morally, spiritually, socially, and theologically. The College offers undergraduate and graduate degree programs at its Nashville, Tennessee campus and globally on-line. Its fields of study include a mandatory divisional major in Biblical-Theological Studies and additional majors in Pastoral Studies, Christian Education or Social Sciences Basis of Presentation The accompanying schedule of expenditures of federal awards is presented in accordance with the requirements by Title 2 U.S. Code of Federal Regulations (“CFR”) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”), on the accrual basis of accounting consistent with the basis of accounting used by the College in the preparation of its financial statements. Therefore some amounts presented may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The College did not elect to utilize the 10% De Minimis election in the fiscal year June 30, 2023.
The College has evaluated subsequent events as of December 29, 2023; the date management evaluated such events that require disclosures. December 29, 2023, is the date the Schedule was available to be issued.