Notes to SEFA
Accounting Policies: The accompanying schedule of expenditure of federal and state awards (the Schedule) includes thefederal and state grant activity of Southern Oklahoma Development Association under programs ofthe federal and Oklahoma state government for the year ended June 30, 2023. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. code of Federal RegulationsPart 200, Uniform Administrate Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule present on a selected portion of the operation ofSouthern Oklahoma Development Association, it is not intended to and does not present the financialposition, changes in net position, or cash flows of Southern Oklahoma Development Association.Summary of Significant Accounting Policies(a) Expenditures reported on the Schedule are reported on the accrual basis of accounting.Such expenditures are recognized following the cost principles contained in the UniformGuidance, wherein certain types of expenditures are not allowable or are limited as toreimbursement.(b) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.