Notes to SEFA
The schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Tulsa Economic Development Corporation under programs of the federal government for the year ended September 30, 2025. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR), 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 Organization it is not intended to and does not present the financial position, changes in net assets, or cash flows of Tulsa Economic Development Corporation.
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.
The Organization has elected to not utilize the 10.0% de Minimis indirect cost rate as allowed under the Uniform Guidance.
Grant expenditures reported represents expenditures from new grant funds received along with funds expended from program income received from repayment of loans awarded restricted for future loans or remitted to grantor.
Grant expenditures reported represents expenditures from new grant funds received along with funds expended from program income received from repayment of loans awarded restricted for future loans or remitted to grantor.
The balance of the SBA Microloans payable as of September 30, 2025 consists of the following: 2025 SBA Microloan 2015 $ 2,715 SBA Microloan 2018 82,045 SBA Microloan 2020 255,335 SBA Microloan 2022 391,468 SBA Microloan 2023 436,067 $ 1,167,630