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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Urban League of Oklahoma City negotiated an indirect cost rate of 15% of total direct salaries and wages & fringe benefits, which was applied consistently to monthly reimbursement requests.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Urban League of Greater Oklahoma City, Inc. (the “Organization”) under programs of the federal government for the year ended June 30, 2023. The Organization’s reporting entity is defined in Note 1 to Organization’s basic financial statements. 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 the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization. All federal awards passed through other government agencies are included on the Schedule.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Urban League of Oklahoma City negotiated an indirect cost rate of 15% of total direct salaries and wages & fringe benefits, which was applied consistently to monthly reimbursement requests.
Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: indirect cost rates
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Urban League of Oklahoma City negotiated an indirect cost rate of 15% of total direct salaries and wages & fringe benefits, which was applied consistently to monthly reimbursement requests.
The Organization has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: INSURANCE COVERAGE
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Urban League of Oklahoma City negotiated an indirect cost rate of 15% of total direct salaries and wages & fringe benefits, which was applied consistently to monthly reimbursement requests.
In addition to its insurance covering property, the Organization maintains insurance coverage of $2,000,000 for both general liability and professional liability. Rental properties each have their own coverage as well.