Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: ACCRUAL
De Minimis Rate Used: N
Rate Explanation: NA
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of the City of Tahlequah, Oklahoma (“the City”) under programs of the federal government for the year ended June 30, 2024. The information 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 flows of the City. position, changes in net position or fund balance, or cash
Title: Note 2 - Summary of Significant Accounting Policies
Accounting Policies: ACCRUAL
De Minimis Rate Used: N
Rate Explanation: NA
Expenditures reported in the schedule are reported on the modified accrual basis of accounting. When applicable, 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. No federal financial assistance has been provided to a subrecipient.
Title: Note 3 - Indirect Cost Rate
Accounting Policies: ACCRUAL
De Minimis Rate Used: N
Rate Explanation: NA
The Organization has not elected to use the 10% de minimis cost rate.
Title: Note 4 - Subsequent Events
Accounting Policies: ACCRUAL
De Minimis Rate Used: N
Rate Explanation: NA
Management has evaluated subsequent events through the date on which the report on schedule of expenditures of federal awards required by the uniform guidance were available to be issued. No items of significance were determined.