Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Accrual
De Minimis Rate Used: N
Rate Explanation: All costs were direct costs
The accompany8ing schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Sjouthern Oklahoma Water Corporation under programs of the federal government for the year ended December 31, 2024. The informatin in this Schedule is presented in accordance with requirement of Title 2 U.S. Code of federal regulations Part 200 Uniform Administratiave Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only selected portions of the operations of Southern Oklahoma Water Corporation, it is not intended to and does not present the financial position, or changes in financial position and cash flows for the Southern Oklahoma Water Corporation.
Title: Summary of Significant Accounting Policies
Accounting Policies: Accrual
De Minimis Rate Used: N
Rate Explanation: All costs were direct costs
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not alloable or are limited as to reimbursement.
Title: Indirect Cost Rate
Accounting Policies: Accrual
De Minimis Rate Used: N
Rate Explanation: All costs were direct costs
The Southern Oklahoma Water Corporation has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance