Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) presents the activity of all federal award programs of Oswego County Opportunities, Inc. (the Agency) for the year ended December 31, 2025. 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 of the Agency. For the purposes of the Schedule, federal awards include all grants, contracts, and similar agreements entered into directly between the Agency and agencies and departments of the federal government as well as federal awards passed through other agencies.
This Schedule has been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and 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). 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 Agency has elected to use the de minimis indirect cost rate as allowed under the Uniform Guidance.