Notes to SEFA
The accompanying schedule of expenditures of federal awards include the federal grant activity of the City of Duncan, Oklahoma (the "City"), under programs of the federal government for the year ended December 31, 2024. The information in the schedule of expenditures of federal awards ("SEFA") is presented in accordance with the requirement 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 position, changes in net assets or cash flows of the City.
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. Negative amounts, if any, shown on the schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The expenditures are recorded upon the disbursement of funds that meet federal award requirements.
During the year ended December 31, 2024, the City did not provide federal awards to subrecipients.
The City had no indirect costs charged to the federal grants during the year ended December 31, 2024 and elected not to use the de minimus rate of 10%.
The City has evaluated the effects of all subsequent events from December 31, 2024, through the date the SEFA was available to be issued, for potential recognition or disclosure in this SEFA.