Notes to SEFA
Title: NOTE A – BASIS OF PRESENTATION
Accounting Policies: 1. 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. 2. Pass-through entity identifying numbers are presented where available. 3. The Oaks Section 202 LLC has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: 1. The Oaks Section 202 LLC has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the ‘Schedule’) includes the federal grant activity of the Organization under programs of the federal government as of and for the year ended December 31, 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 Oaks Section 202 LLC, it is not intended to and does not present the financial position, changes in its net assets, functional expenses or cash flows of The Oaks Section 202 LLC.
Title: NOTE B – SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: 1. 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. 2. Pass-through entity identifying numbers are presented where available. 3. The Oaks Section 202 LLC has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: 1. The Oaks Section 202 LLC has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
1. 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. 2. Pass-through entity identifying numbers are presented where available. 3. The Oaks Section 202 LLC has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.