Notes to SEFA
Title: Note 1: Basis of Presentation
Accounting Policies: Expenditures of federal awards are recognized under the accrual basis of accounting. Such expenditures are reported following the cost principles contained in uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The City elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the "Schedule”) includes the federal award activity of the City of Tulsa, Oklahoma (the City) and some of the City’s component units under programs of the federal government for the year ended June 30, 2024. The schedule of expenditures of federal awards does not include the federal grant activity of the Tulsa Development Authority, the Tulsa Airport Improvement Trust, the Tulsa Authority for Economic Opportunity, and the Tulsa Performing Arts Center Trust, discretely presented component units of the City, and the Tulsa Stadium Trust, a blended component unit of the City. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations 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 City, it is not intended to and does not present the financial position, changes in net position, or cash flows of the City.
Title: Note 2: Significant Accounting Policies
Accounting Policies: Expenditures of federal awards are recognized under the accrual basis of accounting. Such expenditures are reported following the cost principles contained in uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The City elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures of federal awards are recognized under the accrual basis of accounting. Such expenditures are reported following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
Title: Note 3: Indirect Cost Rate
Accounting Policies: Expenditures of federal awards are recognized under the accrual basis of accounting. Such expenditures are reported following the cost principles contained in uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The City elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The City elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Note 4: Disasters Grants – Public Assistance (Presidentially Declared Disasters) (ALN 97.036)
Accounting Policies: Expenditures of federal awards are recognized under the accrual basis of accounting. Such expenditures are reported following the cost principles contained in uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The City elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
After a presidentially declared disaster, FEMA provides Disaster Grants – Public Assistance (Presidentially Declared Disasters) (ALN 97.036) to reimburse eligible costs associate with repair, replacement or restoration of disaster damages facilities. The federal government makes reimbursements in the form of cost-shared grants that require matching funds. In 2024, FEMA approved $552,298 eligible expenditures that were incurred in prior fiscal years and are included in the Schedule.