Notes to SEFA
Accounting Policies: 1. BASIS OF PRESENTATION: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award
activity of Opportunities for Individual Change, Inc. under programs of the federal government for the year
ended June 30, 2023. The information in this Schedule is presented in accordance with the requirements of
Title 2 U.S. Code of Federal Regulations (CFR) 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 Opportunities for Individual Change, Inc., it is not intended to and
does not present the financial position, change in net assets, or cash flows.
2. SIGNIFICANT ACCOUNTING POLICIES: (1) 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.
(2) Opportunities for Individual Change, Inc. has elected not to use the 10% de minimis indirect cost rate as
allowed under the Uniform Guidance.
(4) The Home Investment Partnerships Program (HOME) loan is due to the City of Springfield, Ohio and has
continuing compliance requirements. During the year ended June 30, 2023, the value of new loans under the
HOME loan program was $48,460. At June 30, 2023, the outstanding balance of loan program was $0.
De Minimis Rate Used: N
Rate Explanation: Opportunities for Individual Change, Inc. has elected not to use the 10% de minimis indirect cost rate as
allowed under the Uniform Guidance.