Notes to SEFA
Title: 1. Basis of presentation
Accounting Policies: Expenditures reported in 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 allowed. Assistance Listing numbers (AL No.) are provided when available.
Oner Oaklake VI, LLC did not elect to use the 10% de minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not elect to use the 10% de minimis indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the expenditures of
One Oakalke Vi, LLC under programs of the federal government for the year ended December 31, 2023. The
information in the 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 (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from
amounts presented in, or used in the preparation of the basic financial statements.
For purposes of the Schedule, federal awards include all sub awards to the Company by nonfederal organizations
pursuant to federal grants, contract and similar agreements.
Title: 2. Summary of significant accounting policies
Accounting Policies: Expenditures reported in 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 allowed. Assistance Listing numbers (AL No.) are provided when available.
Oner Oaklake VI, LLC did not elect to use the 10% de minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not elect to use the 10% de minimis indirect cost rate.
Expenditures reported in 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 allowed. Assistance Listing numbers (AL No.) are provided when available.
One Oaklake VI, LLC did not elect to use the 10% de minimis indirect cost rate.
Title: 3. Outstanding federal loans
Accounting Policies: Expenditures reported in 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 allowed. Assistance Listing numbers (AL No.) are provided when available.
Oner Oaklake VI, LLC did not elect to use the 10% de minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not elect to use the 10% de minimis indirect cost rate.
See Outstanding federal loans Table on Page 29 of audit