Notes to SEFA
The accompanying Schedule of Expenditure of Federal Awards presents the activity of all federal awards programs of the Oakland Private Industry Council, Inc. (OPIC). OPIC’s reporting entity is defined in the accompanying financial statements. Federal awards received directly from federal agencies as well as federal awards passed through other government agencies are included in the schedule.
The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting. Expenditures are recorded when incurred and revenues are recorded when earned.
The amount shown as current year expenditures represent only the federal grant portion of the program costs. Entire program costs, including the state, city, and the county’s portion, are more than shown. The Organization has elected not to use the 10% de minimis indirect rate allowed under Uniform Guidance.