Notes to SEFA
Accounting Policies: NOTE 1 - BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activities of On the Move (OTM). 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 OTM, it is not intended to, and does not present the financial position, changes in net assets, or cash flows of OTM.NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 a reimbursement.NOTE 3 - INDIRECT COST RATE OTM has elected to use the 10% de minimis indirect cost rate.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.