Notes to SEFA
Title: NOTE A BASIS OF PRESENTATION
Accounting Policies: NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the SEFA 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. The Agency has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (SEFA) includes the federal award activityof the Central Oklahoma Workforce Innovation Board, Inc., (COWIB) under programs of the federalgovernment for the year ended June 30, 2022. The information in this SEFA is presented in accordancewith 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 SEFA presents only a selected portion of the operations of the Agency, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Agency.
Title: NOTE C RELATIONSHIP TO FEDERAL FINANCIAL REPORTS
Accounting Policies: NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the SEFA 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. The Agency has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Amounts reported in the accompanying schedule may not agree with the amounts reported in the related financial reports filed with the grantor agencies because of accruals made in the schedule which will be included in future reports filed with the agencies.
Title: NOTE C RELATIONSHIP TO FEDERAL FINANCIAL REPORTS
Accounting Policies: NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the SEFA 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. The Agency has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Amounts reported in the accompanying schedule may not agree with the amounts reported in the related financial reports filed with the grantor agencies because of accruals made in the schedule which will be included in future reports filed with the agencies.