Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures of federal awards are recognized under the accrual basis of accounting. Such expenditures are reported following the cost principles contained in the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed of are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Tulsa Airports Improvement Trust (Trust) for the year ended June 30, 2022. All federal awards received directly from federal agencies as well as those awards that are passed through other governmental agencies are included on the schedule of expenditures of federal awards. The information presented in this schedule is in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the Financial Statements.
Title: Subrecipients
Accounting Policies: Expenditures of federal awards are recognized under the accrual basis of accounting. Such expenditures are reported following the cost principles contained in the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed of are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
There were no federal awards passed through to subrecipients for the year ended June 30, 2022