Notes to SEFA
Title: Related parties
Accounting Policies: The schedule of expenditures of federal awards includes the current year federal grant activity of Ozark Christian College 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. New loan advances under the Federal Direct Student Loan Program represent the amount of such loans processed by the College for the year and are not reportable as transactions in the College's financial statements under U.S. generally accepted accounting principles. 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: Ozark Christian College has elected to use the 10% de minimis cost rate.
Ozark Christian College contracts with a related party as a coffee supplier. This vendor is owned by a member of the College’s faculty, Jon Kehrer. Transactions for the year ended June 30, 2024 totaled $1,165. The College paid a publishing advance to member of the College’s faculty, Chad Ragsdale, totaling $3,000.The College received contribution income from varying Board of Trustee members and key personnel during the 2024 fiscal year. The following table summarizes total gifts:
Title: Subsequent events
Accounting Policies: The schedule of expenditures of federal awards includes the current year federal grant activity of Ozark Christian College 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. New loan advances under the Federal Direct Student Loan Program represent the amount of such loans processed by the College for the year and are not reportable as transactions in the College's financial statements under U.S. generally accepted accounting principles. 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: Ozark Christian College has elected to use the 10% de minimis cost rate.
In preparing the schedule of expenditures of federal awards, Ozark Christian College has evaluated events and transactions for potential recognition or disclosure through October 3, 2024, the date the schedule was available to be issued.