Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedules 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedules of expenditures of federal and state awards include the federal and state grant activity of Payne County Youth Services, Inc., under programs of the federal and state government for the year ended June 30, 2022. The information in the schedule of expenditures of federal awards is presented in accordance with the requirement of the Title 2 US Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedules present only a selected portion of the operations of Payne County Youth Services, Inc., they are not intended to and do not present the financial position, changes in net assets or cash flows.
Title: Contingent Liabilities
Accounting Policies: Expenditures reported on the schedules 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Payne County Youth Services, Inc. participates in a number of federal and state assisted programs. These programs are audited in accordance with Government Auditing Standards and the Single Audit Act amendments of 1996, if applicable, in accordance with the required levels of Federal Financial assistance. Audits of prior years have not resulted in any significant disallowed costs. Additionally, the grant programs are subject to audits by the grantors or their representatives, the purpose of which is to insure compliance with conditions precedent to the granting of the funds. Such audits could lead to requests for reimbursement to the grantor agency for expenses disallowed under the terms of the grant.
Title: Subrecipients
Accounting Policies: Expenditures reported on the schedules 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Payne County Youth Services, Inc. has no subrecipients