Notes to SEFA
Accounting Policies: Note 1: Basis of Presentation
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of
OneWorld under the programs of the federal government for the year ended February 28, 2023. 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). Because the schedule presents only a selected portion of the operations of OneWorld, it is not intended
to and does not present the financial position, changes in net assets, or cash flows of OneWorld.
Note 2: Summary of Significant 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. No federal financial assistance has been provided to a
subrecipient.
De Minimis Rate Used: N
Rate Explanation: Note 3: Indirect Cost Rate
OneWorld has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform
Guidance.