Notes to SEFA
Accounting Policies: --Reporting Entity--The reporting entity is fully described in Note 1 to ONWIBs financial statements. The Scheduleincludes all federal programs administered by ONWIB for the fiscal year ended June 30, 2022. --Basis of Presentation--The information in the Schedule is presented in accordance with Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). --Federal Financial Assistance-- Pursuant to the Uniform Guidance, federal financial assistance is defined as assistance provided by a federal agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance, or direct appropriations. Accordingly, nonmonetary federal assistance, including federal surplus property, is included in federal financial assistance and is reported on the Schedule (if applicable). Federal financial assistance does not include direct federal cash assistance to individuals. Solicited contracts between ONWIB and thefederal government for which the federal government procures tangible goods or services are not considered to be federal financial assistance. --Major Programs-- The Uniform Guidance establishes criteria to be used in defining major programs. Major programs are those programs selected for testing using a risk-assessment model, as well as certain minimum expenditure requirements, as outlined in the Uniform Guidance Subpart F 200.518. Programs with similar requirements may be grouped into a cluster for testing purposes. --Basis of Accounting-- Receipts and expenditures are accounted for using the accrual basis of accounting. Revenues are recorded when earned or, in the case of grants where expenditures are the prime factor for determining eligibility, when the expenditure is made. Expenditures are recorded when a liability is incurred.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.