Title: Note 1 - Basis of Presentation
Accounting Policies: Basis of Presentation, Summary of Significant Accounting Policies, Indirect Cost Rate, Amounts Passed to Subrecipients, Fee-for-Service Contracts, Federall Loan Guarantee Programs
De Minimis Rate Used: N
Rate Explanation: All costs are charged to the federal awards and administrative costs are recorded separately from program costs.
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Oak Manor, Inc., and is presented on the accural 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 the Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basis financial statements.
Title: Note 2 - Summary of Significant Accounting Policies
Accounting Policies: Basis of Presentation, Summary of Significant Accounting Policies, Indirect Cost Rate, Amounts Passed to Subrecipients, Fee-for-Service Contracts, Federall Loan Guarantee Programs
De Minimis Rate Used: N
Rate Explanation: All costs are charged to the federal awards and administrative costs are recorded separately from program costs.
Expenditures reported on the accompanying schedule of expenditures of federal awards are reported in accordance with generally accepted accounting principles (GAAP).
Title: Indirect Cost Rate
Accounting Policies: Basis of Presentation, Summary of Significant Accounting Policies, Indirect Cost Rate, Amounts Passed to Subrecipients, Fee-for-Service Contracts, Federall Loan Guarantee Programs
De Minimis Rate Used: N
Rate Explanation: All costs are charged to the federal awards and administrative costs are recorded separately from program costs.
The Organization did not elect to use the ten percent (10%) de minis indirect cost rate for the year ended June 30, 2023.
Title: Amounts Passed to Subrecipients
Accounting Policies: Basis of Presentation, Summary of Significant Accounting Policies, Indirect Cost Rate, Amounts Passed to Subrecipients, Fee-for-Service Contracts, Federall Loan Guarantee Programs
De Minimis Rate Used: N
Rate Explanation: All costs are charged to the federal awards and administrative costs are recorded separately from program costs.
The Organization did not provide federal awards to subrecipients during the year ended June 30 2023.
Title: Fee-for-Service Contracts
Accounting Policies: Basis of Presentation, Summary of Significant Accounting Policies, Indirect Cost Rate, Amounts Passed to Subrecipients, Fee-for-Service Contracts, Federall Loan Guarantee Programs
De Minimis Rate Used: N
Rate Explanation: All costs are charged to the federal awards and administrative costs are recorded separately from program costs.
The Organization recognizes revenue applicable to fee-for-service contracts as services are performed. For presentation on the Schedule of Expenditures of Federal Awards, program expenditures were assumed to be equal to revenue recognized. However, actual expenditures may vary from amounts presented.
Title: Federal Loan Guarantee Programs
Accounting Policies: Basis of Presentation, Summary of Significant Accounting Policies, Indirect Cost Rate, Amounts Passed to Subrecipients, Fee-for-Service Contracts, Federall Loan Guarantee Programs
De Minimis Rate Used: N
Rate Explanation: All costs are charged to the federal awards and administrative costs are recorded separately from program costs.
The Organization did not have any federal loan guarantee programs to report for the year ended June 30, 2024, as described in 2 CFR section 200.502(b).