Notes to SEFA
Title: Note 1 - Basis of Presentaton
Accounting Policies: Accrual basis
De Minimis Rate Used: N
Rate Explanation: All expenses were directly charged to the grant
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Oklahoma Community Service Commission, Inc. (the Commission) under programs of the federal government for the year ended December 31, 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 Commission, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Commission.
Title: Note 2 - Summary of Significant Accounting Policies
Accounting Policies: Accrual basis
De Minimis Rate Used: N
Rate Explanation: All expenses were directly charged to the grant
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.
Title: Note 3 - Indirect Cost Rate
Accounting Policies: Accrual basis
De Minimis Rate Used: N
Rate Explanation: All expenses were directly charged to the grant
The Commission has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.