Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) presents the activity or expenditure of federal awards programs of the City of Coweta, Oklahoma under programs of the federal government for the year ended June 30, 2025. The City's reporting entity is defined in Note 1 of the basic financial statements. All expenditure of federal awards received directly from federal agences as well as federal awards passed through other government agencies are included in the Schedule. Because the Schedule presents only a selected portion of the operations of the City, it is not intended and does not present the financial position, changes in net position or cash flows of the City.
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting consistent with the presentation of the basic financial statements. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit REquirements for Federal Awards.
The City did not elect to use the 10% de Minimis indirect cost rate for fiscal year 2025. There were no indirect cost allocations made to any of the federal grants as listed in the SEFA.
The City reported two federal loans outstanding that are reported under the same Assistance Listing Number, 66.458. These loans are combined for presentation purposes on the SEFA because they pertain to the exact same project, scope, and purpose. Management believes this approach is consistent with federal reporting guidance and ensures clarity and accuracy in reflecting the nature of the funding received in the year. At the beginning of the year, the City's Clean Water SRF Promissory Note to the Oklahoma Water Resources Board had an outstanding balance of $771,135, issued an additional $7,311,823 during the year, and had an outstanding balance of $8,004,291 at June 30, 2025. The remaining funds left to draw are $7,886,042.