Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: Oak Hill, Inc. has elected not to use the 10% de minimums indirect cost rate allowed under the Uniform.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award
activity of the Oak Hill, Inc. under programs of the federal government for the year ended June 30, 2024. The
information in this Schedule is resented 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 Oak Hill, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash
flows of Oak Hill, Inc.The dollar threshold used to distinguish Type A and Type B programs according to 2CFR 200.518(b)(1) is
determined to be $750,000. There were no awards received that were passed through to subrecipients.
Title: FEDERAL AWARDS EXPENDED FOR LOAN OR LOAN GUARANTEE PROGRAMS
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: Oak Hill, Inc. has elected not to use the 10% de minimums indirect cost rate allowed under the Uniform.
Balances of loan and loan guarantee programs outstanding as of June 30, 2024 for loans described in 2 CFR section 200.502(b) are as follows: Assistance Listing # 10.415 - $2,160,945
Title: NON CASH FEDERAL AWARDS
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: Oak Hill, Inc. has elected not to use the 10% de minimums indirect cost rate allowed under the Uniform.
The Program receives an interest credit subsidy from USDA that does not result in cash receipts or disbursements. For the year ended June 30, 2024, the Program received and expensed $187,149 worth of noncash interest credit subsidy under Assistance Listing # 10.415 - Rural Rental Housing Loan Program. This amount is included in the amount presented on the Schedule of Expenditures of Federal Awards.