Notes to SEFA
Title: SUBRECIPIENTS
Accounting Policies: BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal and state awards includes the federal and state grant activity of Ridge Oak, Inc. and is presented on the accrual basis of accounting. 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 and New Jersey Office of Management and Budget Circular Letter 15-08. Therefore, some amounts
presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: During the year ended June 30, 2024, Ridge Oak, Inc. did not elect to use the de minimis cost rate when allocating indirect costs to its federal or state programs.
During the year ended June 30, 2024, Ridge Oak, Inc. did not provide any funds relating to its federal or state programs to subrecipients.
Title: LOAN AND LOAN GUARANTEE PROGRAMS
Accounting Policies: BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal and state awards includes the federal and state grant activity of Ridge Oak, Inc. and is presented on the accrual basis of accounting. 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 and New Jersey Office of Management and Budget Circular Letter 15-08. Therefore, some amounts
presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: During the year ended June 30, 2024, Ridge Oak, Inc. did not elect to use the de minimis cost rate when allocating indirect costs to its federal or state programs.
As of June 30, 2024, there are no outstanding loans or loan guarantee programs for Ridge Oak, Inc.