Audit 325845

Title: Schedule of Expenditures of Federal Awards Accounting Policies: The accompanying financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States. As recommended by the Financial Accounting Standards Board (FASB) in its Accounting Standards Codification (ASC) No. 958-205, Not-for-Profit Entities, Presentation of Financial Statements, OBM reports information regarding its financial position and activities according to two classes of net assets: net assets without donor restrictions and net assets with donor restrictions. Accordingly, net assets and changes therein are classified as follows: Without donor restrictions: Net assets not subject to donor-imposed restrictions. With donor restrictions: Net assets subject to donor-imposed stipulations that may or will be met by actions of OBM. As of December 31, 2023 and 2022, OBM had no net assets with donor restrictions. Revenue is reported as an increase in net assets without donor restrictions unless use of the related assets is limited by donor-imposed restrictions. Expenses are reported as decreases in net assets without donor restrictions. Gains and losses on investments and other assets or liabilities are reported as increases or decreases in net assets without donor restrictions unless their use is restricted by explicit donor stipulation or law. Expiration of restrictions on net assets (i.e., the donor-stipulated purpose has been fulfilled and/or the stipulated time period has elapsed) are reported as reclasses between with donor restrictions and without donor restrictions. De Minimis Rate Used: Y Rate Explanation: OBM elected to use the 10% de minimis cost rate during fiscal year 2023. The Schedule of Expenditures of Federal Awards (Schedule) has been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. The Schedule includes the federal grant activity of OBM and is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the schedule may differ from amounts presented in, or used in the preparation of, the financial statements. Sub-recipients OBM did not make any disbursements of federal funds to sub-recipients during the fiscal year 2023. Noncash Assistance OBM did not receive any non-cash federal assistance during fiscal year 2023. Insurance OBM had no federal insurance in place during the fiscal year 2023. Loans OBM did not have any federal loans or loan guarantees outstanding as of December 31, 2023. De Minimis Cost Rate OBM elected to use the 10% de minimis cost rate during fiscal year 2023.