Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal grant activity of StrategicOhio Council for Higher Education under programs of the federal government for the year ended June 30, 2022. The informationin this schedule is presented in accordance with the requirements 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).Because the Schedule presents only a selected portion of the operations of the Council, it is not intended to and does not presentthe financial position, changes in net assets, or cash flows of the Council. 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. The Council has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance; rather, the Council maintains an indirect cost pool, which is allocated based on direct activities. Certain programs are subject to a maximum indirect cost allocation.