Notes to SEFA
Title: BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIESThe accompanying schedule of expenditures of federal awards includes all federal grant activity of Mid-Sioux Opportunity,
Inc. 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). Program expenditures included in the accompanying schedule are presented on the accrual basis of accounting modified
to include fuel purchases when made and capital expenditures. Therefore, some amounts presented in this schedule may differ
from amounts presented in, or used in, the preparation of the basic financial statements. Only allowable expenditures as
determined by applicable cost principles are reported. The Agency has elected not to use the 10% de minimis indirect cost rate
allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards includes all federal grant activity of Mid-Sioux Opportunity,
Inc. 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).
Program expenditures included in the accompanying schedule are presented on the accrual basis of accounting modified
to include fuel purchases when made and capital expenditures. Therefore, some amounts presented in this schedule may differ
from amounts presented in, or used in, the preparation of the basic financial statements. Only allowable expenditures as
determined by applicable cost principles
Title: AMOUNTS PROVIDED TO SUBRECIPIENTS
Accounting Policies: BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIESThe accompanying schedule of expenditures of federal awards includes all federal grant activity of Mid-Sioux Opportunity,
Inc. 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). Program expenditures included in the accompanying schedule are presented on the accrual basis of accounting modified
to include fuel purchases when made and capital expenditures. Therefore, some amounts presented in this schedule may differ
from amounts presented in, or used in, the preparation of the basic financial statements. Only allowable expenditures as
determined by applicable cost principles are reported. The Agency has elected not to use the 10% de minimis indirect cost rate
allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Agency did not provide any amounts to subrecipients during the year ended September 30, 2023.