Title: Note 1 - Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awards activity of Ouachita under programs of the federal government for the year ended May 31, 2024. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Ouachita, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Ouachita. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awards activity of Ouachita under programs of the federal government for the year ended May 31, 2024. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Ouachita, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Ouachita. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Ouachita has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awards
activity of Ouachita under programs of the federal government for the year ended May 31, 2024. The
information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of
Federal Regulations Part 200 Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected
portion of the operations of Ouachita, it is not intended to and does not present the financial position,
changes in net assets, or cash flows of Ouachita.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
Title: Note 2 - De Minimis Cost Rate
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awards activity of Ouachita under programs of the federal government for the year ended May 31, 2024. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Ouachita, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Ouachita. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awards activity of Ouachita under programs of the federal government for the year ended May 31, 2024. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Ouachita, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Ouachita. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Ouachita has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Ouachita has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Note 3 - Federal Perkins Loan Program
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awards activity of Ouachita under programs of the federal government for the year ended May 31, 2024. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Ouachita, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Ouachita. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awards activity of Ouachita under programs of the federal government for the year ended May 31, 2024. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Ouachita, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Ouachita. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Ouachita has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Federal Perkins Loan Program (FPLP) is administered directly by Ouachita and balances and
transactions relating to this program are included in Ouachita's financial statements. There were no
disbursements for loans to students and no administrative cost allowances during the year ended May 31,
2024. The loan balance outstanding at May 31, 2024, was $92,713.
No further loan disbursements can be made due to regulation changes to the FPLP. Schools have the option
of continuing to collect on outstanding loan balances or can voluntarily liquidate the FPLP. Ouachita has
no current plans to begin the FPLP liquidation process.