Notes to SEFA
Oklahoma Ordnance Works Authority is the recipient of certain federal awards. All federal awards received directly from federal agencies as well as those awards that are passed through other government agencies, are included on the accompanying Schedule of Expenditures of Federal Awar
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Oklahoma Ordnance Works Authority and is presented on the accrual basis of accounting. The information presented in this schedule is in accordance with the requirements of Title 2 U.S. Code of Federal Regulation (CFR) Part 200, Uniform Administrative Requirements Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Local cost sharing, as defined by Title 2 CFR Part 200, Subpart D, Section 200.306 is required by certain federal grants. The amount of cost sharing varies with each program. Only the federal share of expenditures is presented in the Schedule of Expenditures of Federal Awards.
Grantor agencies reserve the right to conduct additional audits of the Authority’s grant programs for economy and efficiency and program results that may result in disallowed costs to Oklahoma Ordnance Works Authority. However, management of the Authority does not believe such audits would result in any disallowed costs that would be material to the Authority’s financial position at April 30, 2025.
The Authority does not allocate indirect costs, and therefore has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.