Notes to SEFA
Title: NOTE D OUTSTANDING FEDERAL LOANS
Accounting Policies: NOTE ABASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (SEFA) includes the federal award activityof Young Mens Christian Association of Greater Oklahoma City (YMCA) under programs of the federalgovernment for the year ended October 31, 2022. The information in this SEFA is presented in accordancewith the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Becausethe SEFA presents only a selected portion of the operations of the YMCA, it is not intended to and doesnot present the financial position, changes in net assets, or cash flows of the YMCA.NOTE BSUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures arerecognized following, as applicable, either the cost principles contained in the Uniform Guidance, whereincertain types of expenditures are not allowable or are limited as to reimbursement. The YMCA has electedto use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
As of June 30, 2022, the YMCA has outstanding federal loan obligations of $2,000,000 under the Economic Injury Disaster Loan program through the Small Business Administration. These amounts on the schedule of expenditures of federal awards include cumulative, outstanding loan proceeds as of June 30, 2022. This loan program is not eligible for forgiveness and will be fully repaid by the maturity date of the loan at September 9, 2050 at an interest rate of 2.75%.
Title: NOTE C SUBSEQUENT EVENTS
Accounting Policies: NOTE ABASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (SEFA) includes the federal award activityof Young Mens Christian Association of Greater Oklahoma City (YMCA) under programs of the federalgovernment for the year ended October 31, 2022. The information in this SEFA is presented in accordancewith the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Becausethe SEFA presents only a selected portion of the operations of the YMCA, it is not intended to and doesnot present the financial position, changes in net assets, or cash flows of the YMCA.NOTE BSUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures arerecognized following, as applicable, either the cost principles contained in the Uniform Guidance, whereincertain types of expenditures are not allowable or are limited as to reimbursement. The YMCA has electedto use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The YMCA has evaluated the effects of all subsequent events from June 30, 2022, through February 6, 2023, the date the SEFA was available to be issued, for potential recognition or disclosure in this SEFA. The YMCA is not aware of any subsequent events which would require recognition or disclosure in the SEFA.