Audit 344438

Title: BASIS OF PRESENTATION Accounting Policies: ACCRUAL BASIS OF ACCOUNTING De Minimis Rate Used: N Rate Explanation: ACTUAL COST RATE The accompanying Schedule of Expenditures of Federal Awards (the Schedule) summarizes the expenditures of Central Baptist College, Inc. (the College) under programs of the federal government for the year ended June 30, 2024 and is presented on the accrual basis of accounting. 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 and changes in net assets of the College. For purposes of the Schedule, federal awards include all grants, contracts and similar agreements entered into directly between the College, agencies, and departments of the federal government, and all subawards to the College by nonfederal organizations pursuant to federal grants, contracts, and similar agreements. The awards all fall under one major program category in accordance with Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).