Notes to SEFA
Title: Community Development Block Grant Expenditures
Accounting Policies: Basis of Presentation
The schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Tulsa Economic
Development Corporation under programs of the federal government for the year ended September 30, 2023. The
information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations
(CFR), 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 Organization it is not intended to and does
not present the financial position, changes in net assets, or cash flows of Tulsa Economic Development Corporation.
Summary of Significant Accounting Policies
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: Indirect Cost Rate
The Organization has elected to not utilize the 10.0% de Minimis indirect cost rate as allowed under the Uniform Guidance.
Grant expenditures reported represents expenditures from new grant funds received along with funds expended from
program income received from repayment of loans awarded restricted for future loans or remitted to grantor.
Title: Community Development Financial Institutions Rapid Response Expenditures
Accounting Policies: Basis of Presentation
The schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Tulsa Economic
Development Corporation under programs of the federal government for the year ended September 30, 2023. The
information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations
(CFR), 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 Organization it is not intended to and does
not present the financial position, changes in net assets, or cash flows of Tulsa Economic Development Corporation.
Summary of Significant Accounting Policies
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: Indirect Cost Rate
The Organization has elected to not utilize the 10.0% de Minimis indirect cost rate as allowed under the Uniform Guidance.
Grant expenditures reported represents expenditures from new grant funds received along with funds expended from
program income received from repayment of loans awarded restricted for future loans or remitted to grantor.
Title: Outstanding Federal Loans
Accounting Policies: Basis of Presentation
The schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Tulsa Economic
Development Corporation under programs of the federal government for the year ended September 30, 2023. The
information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations
(CFR), 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 Organization it is not intended to and does
not present the financial position, changes in net assets, or cash flows of Tulsa Economic Development Corporation.
Summary of Significant Accounting Policies
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: Indirect Cost Rate
The Organization has elected to not utilize the 10.0% de Minimis indirect cost rate as allowed under the Uniform Guidance.
The balance of the SBA Microloans as of September 30, 2023 consists of the following:SBA Microloan 2015 $ 67,567
SBA Microloan 2018 138,072
SBA Microloan 2020 366,294
SBA Microloan 2022 495,768
SBA Microloan 2023 500,000