Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Southern Oklahoma Water Corporation under programs of the federal government for the year ended December 31, 2025. The information in the Schedule 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 selected portions of the operations of Southern Oklahoma Water Corporation.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain types are not allowable or are limited as to reimbursement.
The Southern Oklahoma Water Corporation has not elected to use the 15% de minimis indirect cost rate allowed under the Uniform Guidance.