Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal grant transactions of the Ohio Regional Development Corporation (the “Organization”) recorded on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements imposed by the Single Audit Act and Subpart F 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.
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 to reimbursement. The Organization has not elected to apply indirect costs to the program and does not use the 15-percent de minimis indirect cost rate as allowed under the Uniform Guidance.