Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: Note 2 - Summary of Significant 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
and/or OMB Circular A-122, Cost Principles for Non-Profit Organizations, wherein certain types of
expenditures are not allowable or are limited as to reimbursement, as applicable.
De Minimis Rate Used: N
Rate Explanation: Elected not to use the rate
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the
federal grant activity of OIC of South Florida, Inc. (the “Organization”) under programs of the
federal government for the year ended June 30, 2024. The information in this Schedule 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”). Because the Schedule presents only a selected portion of the
operations of the Organization, it is not intended to and does not present the financial position,
changes in net assets, or cash flows of the Organization.
Title: Note 3 - Indirect Cost Rate
Accounting Policies: Note 2 - Summary of Significant 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
and/or OMB Circular A-122, Cost Principles for Non-Profit Organizations, wherein certain types of
expenditures are not allowable or are limited as to reimbursement, as applicable.
De Minimis Rate Used: N
Rate Explanation: Elected not to use the rate
The Organization did not elect to use the 10% de minimis indirect cost rate allowed under the
Uniform Guidance.
Title: Note 4 - Contingency
Accounting Policies: Note 2 - Summary of Significant 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
and/or OMB Circular A-122, Cost Principles for Non-Profit Organizations, wherein certain types of
expenditures are not allowable or are limited as to reimbursement, as applicable.
De Minimis Rate Used: N
Rate Explanation: Elected not to use the rate
Grant and contract revenue received are subject to audit and adjustment. If any expenditures or
expenses are disallowed by the grantor agencies as a result of such an audit, any claim for
reimbursement to the grantor agencies would become a liability of the Organization. In the opinion
of management, all grant and contract expenditures are in compliance with the terms of the grant
agreements and applicable federal and state laws and other regulations.