Notes to SEFA
Title: Relationship to Basic Financial Statements
Accounting Policies: The information is presented on the accrual basis of accounting. The information in 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).
De Minimis Rate Used: N
Rate Explanation: Opportunities for Otsego, Inc. has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Federal award expenditures are reported on the statement of functional expenses as program services and any related allowable general and administrative expenses under the category of management and general expenses. In certain programs, the expenditures reported in the financial statements may differ from the expenditures reported in the schedule of expenditures of federal awards due to program expenditures exceeding grant or contract budget limitations, matching or in-kind contributions or capitalization policies required under accounting principles generally accepted in the United States of America.
Title: Indirect Costs
Accounting Policies: The information is presented on the accrual basis of accounting. The information in 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).
De Minimis Rate Used: N
Rate Explanation: Opportunities for Otsego, Inc. has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The Organization uses an indirect cost rate for the purposes of allocating indirect costs, which has been approved by the U.S. Department of Health and Human Services.