Notes to SEFA
Accounting Policies: NOTE 1 – BASIS OF PRESENTATION
The accompanying schedule of expenditures of Federal Awards (the Schedule) includes the federal award
activity of Oconee Valley Healthcare, Inc. (the “Clinic”) under programs of the federal government for the
fiscal year ended February 28, 2025. 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 Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule
presents only a selected portion of the operations of the Clinic, it is not intended to and does not present
the financial position, changes in net assets, or cash flows of the Clinic.
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, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
NOTE 3 – INDIRECT COST RATE
Oconee Valley Healthcare, Inc. has elected to use the ten-percent de minimis indirect cost rate allowed
under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: NOTE 3 – INDIRECT COST RATE
Oconee Valley Healthcare, Inc. has elected to use the ten-percent de minimis indirect cost rate allowed
under the Uniform Guidance.