Notes to SEFA
Title: Basis of Presentation
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: The Organization has elected to not utilize the 10.0% de Minimis indirect cost rate as allowed under the Uniform Guidance.
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, 2024. 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.
Title: Community Development Block Grant Expenditures
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: 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: 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 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: 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 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 payable as of September 30, 2024 consists of the following:
2024
SBA Microloan 2015 $ 35,203
SBA Microloan 2018 110,260
SBA Microloan 2020 310,851
SBA Microloan 2022 444,271
SBA Microloan 2023 487,084
$ 1,387,669