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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: ODA Community Development Corp. has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (“the Schedule”)
includes the federal grant activity of ODA Community Development Corp. under
programs of the federal government for the year ended June 30, 2023. The
information in this schedule is presented in accordance with the requirement 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 ODA Community Development Corp., it is not intended to and does
not present the financial position, changes in net assets or cash flows of ODA
Community Development Corp.
Title: NON-CASH AWARDS
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.
De Minimis Rate Used: Y
Rate Explanation: ODA Community Development Corp. has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The amount of Special Supplemental Nutrition Program for Women, Infant, and
Children reported on the schedule of expenditures includes support vouchers and
benefits distributed by ODA Community Development Corp. to certain eligible
participants. However, since the organization is only an agent to distribute the
vouchers and benefits and is not actually a recipient of the voucher funds, these
proceeds and expenditures are not recognized in revenues and expenses for
financial statement purposes. For the year ended June 30, 2023, such vouchers
and benefits totaled $7,712,810.
Title: SUBRECIPIENTS
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.
De Minimis Rate Used: Y
Rate Explanation: ODA Community Development Corp. has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
ODA Community Development Corp. did not provide any federal awards to
subrecipients.