Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Waurika Lake Master Conservancy District under programs of the federal government for the year ended August 31, 2025. The information in this 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 Waurika Lake Master Conservancy District, it is not intended to and does not present the basic financial statements of Waurika Lake Master Conservancy District.
Expenditures reported on the Schedule are reported on using the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where certain types of expenditures are not allowable or are limited as to reimbursement.
Waurika Lake Master Conservancy District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Waurika Lake Master Conservancy District did not have any awards that have been passed through to subrecipients.