Audit 324640

Title: Basis of Presentation Accounting Policies: Accrual Basis of Accounting De Minimis Rate Used: N Rate Explanation: Elected not to do so as allowed under Uniform Guidance. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Faith Baptist Bible College and Theological Seminary (the College) under programs of the federal government for the year ended June 30, 2024 and is presented on the accrual basis of accounting. 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 the College, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of the College. The College has elected not to use the 10 percent de minimus indirect cost rate allowed under the Uniform Guidance.