Notes to SEFA
Title: Related parties
Accounting Policies: The schedule of expenditures of federal awards includes the current year federal grant activity of College of the Ozarks 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). Under these standards, Federal Pell Grant Program awards are reported as expenditures, where-as under U.S. generally accepted accounting principles they are not reported in the College's Statement of Activities as expenses or financial aid. Other amounts presented in this schedule as expenditures may differ from amounts presented in, or used in the preparation of, the basic financial statements, although such differences are not material.
De Minimis Rate Used: Y
Rate Explanation: College of the Ozarks has elected to use the 10% de minimis cost rate.
College of the Ozarks contracted with a related party for airplane repair, storage, and maintenance for the fiscal year ended May 31, 2024. Avcon Industries, Inc. is a business located in Newton, Kansas and is owned by Clark Stewart, a former member of the College’s Board of Trustees. Transactions for 2024 totaled $126,617. The College received contribution income from varying Board of Trustee members during 2024. The following table summarizes total gifts:College of the Ozarks contracted with a related party for airplane repair, storage, and maintenance for the fiscal year ended May 31, 2024. Avcon Industries, Inc. is a business located in Newton, Kansas and is owned by Clark Stewart, a former member of the College’s Board of Trustees. Transactions for 2024 totaled $126,617. The College received contribution income from varying Board of Trustee members during 2024. The following table summarizes total gifts: * TABLE LIST*
Title: Subsequent events
Accounting Policies: The schedule of expenditures of federal awards includes the current year federal grant activity of College of the Ozarks 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). Under these standards, Federal Pell Grant Program awards are reported as expenditures, where-as under U.S. generally accepted accounting principles they are not reported in the College's Statement of Activities as expenses or financial aid. Other amounts presented in this schedule as expenditures may differ from amounts presented in, or used in the preparation of, the basic financial statements, although such differences are not material.
De Minimis Rate Used: Y
Rate Explanation: College of the Ozarks has elected to use the 10% de minimis cost rate.
In preparing the schedule of expenditures of federal awards, College of the Ozarks has evaluated events and transactions for potential recognition or disclosure through October 1, 2024, the date the schedule was available to be issued.