Notes to SEFA
Title: 1. General
Accounting Policies: 2. Basis of Presentation - The purpose of the Schedules is to present, in summary form, total expenditures of federal awardsand state financial assistance received or expected to be received by Orlando Utilities Commission (OUC) for the year ended September 30, 2022. The Schedules are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States. Because the Schedules present only a selected portion of the results of operations of OUC, they are not intended to and do not present either the financial position or results of operations of OUC.
De Minimis Rate Used: N
Rate Explanation: 4. Indirect Cost Rate - 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 and Schedule of Expenditures of State Financial Assistance (collectively, the Schedules) include the federal and state grant activity of Orlando Utilities Commission (OUC) for the year ended September 30, 2022. The information in these Schedules 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) and Chapter 10.550, Rules of the Auditor General (Chapter 10.550) of the State of Florida, respectively.
Title: 3. Contingencies
Accounting Policies: 2. Basis of Presentation - The purpose of the Schedules is to present, in summary form, total expenditures of federal awardsand state financial assistance received or expected to be received by Orlando Utilities Commission (OUC) for the year ended September 30, 2022. The Schedules are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States. Because the Schedules present only a selected portion of the results of operations of OUC, they are not intended to and do not present either the financial position or results of operations of OUC.
De Minimis Rate Used: N
Rate Explanation: 4. Indirect Cost Rate - 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 and state laws and regulations.