The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of the Central Oklahoma Master Conservancy District (the “District”) under programs of the federal government for the year ended June 30, 2025. The information in the 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 District, it is not intended to, and does not, present the financial position, changes in financial position, or cash flows, if applicable, of the District.
The following is a reconciliation of the Schedule to grant revenues—federal awards recorded on the statement of revenues, expenses, and changes in net position for the year ended June 30, 2025: Grant revenues—federal awards per the statement of revenues, expenses, and changes in net position.950,402$ Less CWSRF grant reimbursements requested and received by the District in fiscal year 2025; however, were considered to be expenditures of federal awards in fiscal year 2024.(177,997) Less Coronavirus State and Local Fiscal Recovery Funds reimbursements requested and received by the District in fiscal year 2025; however, were considered to be expenditures of federal awards in fiscal year 2024.(11,805) Total expenditures of federal awards per the Schedule760,600
The CWSRF grant is considered and treated as a loan agreement. Under the grant agreement, funds are advanced as borrowings of principal based on funding requests from the District. After the advancement of principal, the OWRB will review the related supporting documents and will either approve or deny such advancements for principal forgiveness. The District records the principal advancement as borrowings in the statement of financial position. Once the OWRB notifies the District that the advancement of principal has been forgiven, the District records the forgiveness as grant revenue in the statement of revenues, expenses, and changes in net position.
The District has evaluated the effects of all subsequent events from July 1, 2025, through December 23, 2025, the date the Schedule was available to be issued, for potential recognition or disclosure in this Schedule. The District is not aware of any subsequent events which would require recognition or disclosure in the Schedule.