Notes to SEFA
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.
Ozark Christian College has elected to use the 10% de minimis cost rate.
Ozark Christian College contracts with several related parties as vendors. The College purchased goods and services from businesses owned by employees including Flying Treasure owned by Derek Hammeke ($22,857), Black Box owned by Wade Landers ($2,666), and Global Research Team owned by Wade Landers and Chris Dewelt ($693). The College also engaged vendors owned by or employing family members of College employees. These transactions included M&M Technology which employs Mitch Piercy's son ($24,267), Mission Travel Tours & Cruises, LLC owned by Brice Wurdeman's father, David Wurdeman ($4,302), Waltham Witte owned by Robert and Lisa Witte's daughter-in-law ($969), Sawyer Dalrymple owned by Jim Dalrymple's son ($648), and Caroline Proctor owned by Matthew Proctor's daughter ($250). Total related party transactions for the year ended June 30, 2025, were $56,652. The College received contribution income from varying Board of Trustee members and key personnel during the 2025 fiscal year. The following table summarizes total gifts:
In preparing the schedule of expenditures of federal awards, Ozark Christian College has evaluated events and transactions for potential recognition or disclosure through November 28, 2025, the date the schedule was available to be issued.