Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: There were no indirect costs to recover.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Ohio Christian University under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented 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). Because the Schedule presents only a selected portion of the operations of Ohio Christian University, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Ohio Christian University.
Title: Federal Direct Student Loans
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: There were no indirect costs to recover.
The University participates in the Federal Direct Student Loan Program. The dollar amount listed in the schedule of expenditures of federal awards represents new loans advanced during the fiscal year ended June 30, 2023. The University is a direct lender for these loan funds; however, they are not responsible for collecting these loans in future periods.