Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the schedule) is presented on the accrual basis of accounting. The purpose of the schedule is to present a summary of those activities represented by Oak Hill for the year ended May 31, 2022, which have been financed by the U.S. Government (federal awards). For the purpose of the schedule, federal awards include all of federal assistance and procurement relationships entered into directly by Oak Hill, it is not intended to and does not present either the financial position or the changes in fund balances of Oak Hill. The information in this schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). For Uniform Guidance information for the related entities of Oak Hill see separately issued financial statements. Individual awards within each category of federal awards are identified by CFDA number and program name if the award is individually significant to the category of award. All other awards are presented in total by funding agency.
Revenue is recognized when received or when earned by the organization.The expenditures presented in the schedule were developed from grant records and federal, state, and local financial reports which have been reconciled to the central accounting records of Oak Hill. Oak Hill has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The federal and state grants received by Oak Hill are subject to audit and adjustment. If any expenditures are disallowed by the grantor agencies as a result of such an audit, the grantor agencies could make a claim for reimbursement, which would become a liability of Oak Hill.