Title: Basis of Presentation
Accounting Policies: 1. Basis of Presentation
The accompanying schedule of expenditures of federal awards (SEFA) includes the
federal award activity of OC under the programs of the federal government for the year
ended June 30, 2023. The information in the SEFA 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 SEFA presents only a selected portion of the
operations 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 Policies
Expenditures reported on the SEFA 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.
3. Indirect Cost Rate
OC has elected to use the 10% de minimis indirect cost rate as allowed under the
Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (SEFA) includes the
federal award activity of OC under the programs of the federal government for the year
ended June 30, 2023. The information in the SEFA 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 SEFA presents only a selected portion of the
operations of OC, it is not intended to, and does not, present the financial position,
changes in net assets, or cash flows of OC.
Title: Summary of Significant Accounting Policies
Accounting Policies: 1. Basis of Presentation
The accompanying schedule of expenditures of federal awards (SEFA) includes the
federal award activity of OC under the programs of the federal government for the year
ended June 30, 2023. The information in the SEFA 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 SEFA presents only a selected portion of the
operations 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 Policies
Expenditures reported on the SEFA 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.
3. Indirect Cost Rate
OC has elected to use the 10% de minimis indirect cost rate as allowed under the
Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Expenditures reported on the SEFA 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.
Title: Indirect Cost Rate
Accounting Policies: 1. Basis of Presentation
The accompanying schedule of expenditures of federal awards (SEFA) includes the
federal award activity of OC under the programs of the federal government for the year
ended June 30, 2023. The information in the SEFA 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 SEFA presents only a selected portion of the
operations 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 Policies
Expenditures reported on the SEFA 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.
3. Indirect Cost Rate
OC has elected to use the 10% de minimis indirect cost rate as allowed under the
Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
OC has elected to use the 10% de minimis indirect cost rate as allowed under the
Uniform Guidance.