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: The auditee did not use the de minimis cost rate
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Oak Hill, Inc. under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is resented 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 Oak Hill, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Oak Hill, Inc.Type A programs are determined to be the larger of $750,000 or three (3) percent or total federal awards expended if total awards exceed $750,000. There were no awards received that were passed through to subrecipients.
Title: FEDERAL AWARDS EXPENDED FOR LOAN OR LOAN GUARANTEE PROGRAMS
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: The auditee did not use the de minimis cost rate
Balances of loan and loan guarantee programs outstanding as of June 30, 2023 for loans described in 2 CFR section 200.502(b) are as follows 2,219,180.
Title: NON CASH FEDERAL AWARDS
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: The auditee did not use the de minimis cost rate
The Program receives an interest credit subsidy from USDA that does not result in cash receipts or disbursements. For the year ended June 30, 2023, the Program received and expensed $187,149 worth of non-cash interest credit subsidy under CFDA # 10.415 - Rural Rental Housing Loan Program. This amount is included in the amount presented on the Schedule of Expenditures of Federal Awards.