Notes to SEFA
Accounting Policies: Summary of significant 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. Basis of presentation
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Ottawa River Estates 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 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 Ottawa River Estates, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Ottawa River Estates.
De Minimis Rate Used: N
Rate Explanation: Ottawa River Estates has elected not to use the ten-percent de minimis indirect cost rate as allowed under the Uniform Guidance.