Notes to SEFA
Title: 1. General
Accounting Policies: The purpose of the Schedule is to present, in summary form, total expenditures of federal awards received or expected to be received by OUC for the year ended September 30, 2024. The Schedule is prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States. Because the Schedule presents only a selected portion of the results of operations of OUC, it is not intended to and does not present either the financial position or results of operations of OUC.
De Minimis Rate Used: N
Rate Explanation: OUC has elected not to use the 10% de minimis indirect cost rate allowed by the Uniform Guidance for its federal awards.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of Orlando Utilities Commission (OUC) for the year ended September 30, 2024. The information in this Schedule is presented in accordance with the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance).
Title: 2. Basis of Presentation
Accounting Policies: The purpose of the Schedule is to present, in summary form, total expenditures of federal awards received or expected to be received by OUC for the year ended September 30, 2024. The Schedule is prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States. Because the Schedule presents only a selected portion of the results of operations of OUC, it is not intended to and does not present either the financial position or results of operations of OUC.
De Minimis Rate Used: N
Rate Explanation: OUC has elected not to use the 10% de minimis indirect cost rate allowed by the Uniform Guidance for its federal awards.
The purpose of the Schedule is to present, in summary form, total expenditures of federal awards received or expected to be received by OUC for the year ended September 30, 2024. The Schedule is prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States. Because the Schedule presents only a selected portion of the results of operations of OUC, it is not intended to and does not present either the financial position or results of operations of OUC.
Title: 3. Contingencies
Accounting Policies: The purpose of the Schedule is to present, in summary form, total expenditures of federal awards received or expected to be received by OUC for the year ended September 30, 2024. The Schedule is prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States. Because the Schedule presents only a selected portion of the results of operations of OUC, it is not intended to and does not present either the financial position or results of operations of OUC.
De Minimis Rate Used: N
Rate Explanation: OUC has elected not to use the 10% de minimis indirect cost rate allowed by the Uniform Guidance for its federal awards.
Grant revenue amounts received are subject to audit and adjustment. If any expenditure is disallowed by the grantor agencies as a result of such an audit, any claim for reimbursement to the grantor agencies would become a liability to OUC. In the opinion of management, all grant expenditures are in compliance with the terms of the respective grant agreements and applicable federal laws and regulations.
Title: 4. Indirect Cost Rate
Accounting Policies: The purpose of the Schedule is to present, in summary form, total expenditures of federal awards received or expected to be received by OUC for the year ended September 30, 2024. The Schedule is prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States. Because the Schedule presents only a selected portion of the results of operations of OUC, it is not intended to and does not present either the financial position or results of operations of OUC.
De Minimis Rate Used: N
Rate Explanation: OUC has elected not to use the 10% de minimis indirect cost rate allowed by the Uniform Guidance for its federal awards.
OUC has elected not to use the 10% de minimis indirect cost rate allowed by the Uniform Guidance for its federal awards.