Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Northeast Oklahoma Community Action Agency, Inc (a nonprofit Organization) (the Agency), and is presented on the accrual basis of accounting. The infomation in this schedule is presented in accordance with the requirement 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 Agency, it is not intended to and does not present the financial position, changes in net assets or cash flows.
The Agency participates in a number of federally assised programs. These programs are audited in accordance with Government Auditing Standards and the Single Audit Act Amendments of 1996, if applicable, in accordance with the required levels of Federal Financial assistance. Audits of prior years have not resulted in any significant disallowed costs. Additionally, the grant programs are subjec to audits by the granting authority, the purpose of which is to insure compliance with conditions precedent to the granting of the funds. Management believes that any liability for reimbursement which may arise as the result of audits of grant funds would not be material.
Amounts reported in the accompanying schedule may not agree with the amounts reported in the related federal financial reports filed with the grantor agencies because of accuals made in the schedule which will be include in future reports filed with agencies.
The Agency has elected not to use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance
The Agency has no subrecipients