Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: a. 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.
b. The Organization elected to use the 10 percent de minimis indirect cost rate.
De Minimis Rate Used: Y
Rate Explanation: OnTrack used accrual basis accounting and 10 percent de minimis indirect cost rate
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awards activity of OnTrack, Inc. (the Organization) under programs of the federal government for the year ended June 30, 2023. The information in the 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, change in net assets, functional expenses, or cash flows of the
Organization.
Title: Note 2 - Summary of Significant Accounting Policies
Accounting Policies: a. 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.
b. The Organization elected to use the 10 percent de minimis indirect cost rate.
De Minimis Rate Used: Y
Rate Explanation: OnTrack used accrual basis accounting and 10 percent de minimis indirect cost rate
a. 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.
b. The Organization elected to use the 10 percent de minimis indirect cost rate.