Notes to SEFA
Title: Note 3 - Subrecipients
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (SEFA) includes the federal awardactivity of the Oklahoma City Urban Renewal Authority (the Authority) under programs of thefederal government for the year ended June 30, 2022. The information in this SEFA is presented inaccordance with the requirement of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (UniformGuidance). Because the SEFA presents only a selected portion of the operations of the Authority, it isnot intended to and does not present the financial position or changes in net position of the Authority.
De Minimis Rate Used: N
Rate Explanation: Expenditures reported on the SEFA are reported on the modified cash basis of accounting. 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 Authority has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Authority did not provide federal awards to subrecipients during the year ended June 30, 2022.