Notes to SEFA
Accounting Policies: Basis of Presentation
The Schedule of Expenditures of Federal Awards (Schedule) has been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. The Schedule includes the federal grant activity of OBM and 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
Sub-recipients
OBM did not make any disbursements of federal funds to sub-recipients during the fiscal year 2022.
Noncash Assistance
OBM did not receive any non-cash federal assistance during fiscal year 2022.
Insurance
OBM had no federal insurance in place during the fiscal year 2022.
Loans
OBM did not have any federal loans or loan guarantees outstanding as of December 31, 2022.
De Minimis Rate Used: Y
Rate Explanation: OBM elected to use the 10% de minimis cost rate during fiscal year 2022