Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Opportunity Hub Foundation under programs of the federal government 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 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 OHUB Foundation, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of the organization.
Expenditures reported on the Schedule are reported on the cash basis of accounting. Consequently, amounts are recorded as expenditures are paid. Such expenditures are recognized following the cost principles contained in OMB's Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The Organization has not elected to use the 10% de minimis indirect cost rate allowed under uniform guidance.
The Organization’s federal program is subject to review and audit by grantor agencies. Consequently, the Organization may become liable to refund money to grantor agencies where it fails to comply with contractual provisions. The Organization’s management believes that the results of such reviews and audits will not have a material effect on the amounts reported in the Schedule.