Notes to SEFA
Accounting Policies: 1. Basis of PresentationThe accompanying schedule of expenditures of federal awards (SEFA) includes thefederal award activity of OC under the programs of the federal government for the yearended June 30, 2022. The information in the SEFA is presented in accordance with therequirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for FederalAwards (Uniform Guidance). Because the SEFA presents only a selected portion of theoperations of OC, it is not intended to, and does not, present the financial position,changes in net assets, or cash flows of OC.2. Summary of Significant Accounting PoliciesExpenditures reported on the SEFA are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the UniformGuidance, where certain types of expenditures are not allowable or are limited as toreimbursement.3. Indirect Cost RateOC records its expenditures of federal awards using the indirect cost and fringe benefitrate per the nonprofit rate agreement with the federal government, which was approvedin accordance with the authority of the Uniform Guidance.In this manner, OC has elected not to use the 10% de minimis indirect cost rate asallowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.