Notes to SEFA
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 the 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 2025. Noncash Assistance OBM did not receive any non-cash federal assistance during fiscal year 2025. Insurance OBM had no federal insurance in place during the fiscal year 2025. Loans OBM did not have any federal loans or loan guarantees outstanding as of December 31, 2025. De Minimis Cost Rate OBM elected to use the 10% de minimis cost rate during fiscal year 2025.