Notes to SEFA
Title: Note 1 – Basis of Presentation and Summary of Significant Accounting Policies
Accounting Policies: The schedule of expenditures of federal awards has been prepared 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. Negative amounts, if any, appear on the schedule to represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Ozone House has not elected to use the option of the 10% de minimus indirect cost rate covered in 2 U.S. Code of Federal Regulations Part 200, Subpart E, Cost Principles.
Basis of Presentation. The accompanying schedule of expenditures of federal awards ("the schedule") includes the federal grant activity of Ozone House, Inc. ("Ozone House") under programs of the federal government for the year ended September 30, 2023. 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). Because the schedule presents only a selected portion of the operations of Ozone House, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Ozone House.
Title: Note 2 – SEFA Reconciliation to Financial Statement Federal Government Grants
Accounting Policies: The schedule of expenditures of federal awards has been prepared 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. Negative amounts, if any, appear on the schedule to represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Ozone House has not elected to use the option of the 10% de minimus indirect cost rate covered in 2 U.S. Code of Federal Regulations Part 200, Subpart E, Cost Principles.
See the Notes to the SEFA for chart/table.
Title: Note 3 – Indirect Cost Rate
Accounting Policies: The schedule of expenditures of federal awards has been prepared 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. Negative amounts, if any, appear on the schedule to represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Ozone House has not elected to use the option of the 10% de minimus indirect cost rate covered in 2 U.S. Code of Federal Regulations Part 200, Subpart E, Cost Principles.
Ozone House has not elected to use the option of the 10% de minimis indirect cost rate covered in 2 U.S. Code of Federal Regulations Part 200, Subpart E, Cost Principles .