Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the Oklahoma Clean Water State Revolving Fund Loan Account Program (the “Program”) and is presented on the accrual basis of accounting. The information in these schedules 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 SEFA presents only a selected portion of the operations of the Program, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Program.
Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either 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 in 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.
The Program does not have an indirect cost rate and had no indirect costs charged to the federal grants during the year ended June 30, 2025. The Program has elected not to use the 10 percent de minimus indirect cost rate allowed under the Uniform Guidance.
On June 30, 2025, the Program's outstanding balance on loans receivable funded by federal awards and related matching funds was $988,843,258 net of an allowance of $0.
Management has evaluated subsequent events through September 25, 2025, the date on which the financial statements were available to be issued.