Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule of expenditures of federal and state awards 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: N
Rate Explanation: Southwest Oklahoma Community Action Group, Inc. has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal and state awards include the federal and state grant activity of Southwest Oklahoma Community Action Group, Inc., and are presented on the accrual basis of accounting. The information in these schedules 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.
Title: Contingent Liabilities
Accounting Policies: Expenditures reported on the schedule of expenditures of federal and state awards 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: N
Rate Explanation: Southwest Oklahoma Community Action Group, Inc. has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The organization participates in a number of federal and state assisted programs. These programs are audited in accordance with Government auditing Standards and the Single Audit Act Amendments of 1996, if applicable, in accordance with the required levels of Federal Financial Assistance. Audits of prior years have not resulted in any significant disallowed costs; however, grantor agencies may provide for further examinations. Based on prior experience, management believes that further examinations would not result in any significant disallowed costs.
Title: Non-Cash Awards
Accounting Policies: Expenditures reported on the schedule of expenditures of federal and state awards 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: N
Rate Explanation: Southwest Oklahoma Community Action Group, Inc. has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Southwest Oklahoma Community Action Group, Inc. had the following loan balances oustanding at September 30, 2023. U.S. Department of Agriculture - Rural Development Grants - Farm Labor Housing Loan - MIP Fund No. 970 - Federal CFDA No. 10.405 - Amount Outstanding $111,588.