Notes to SEFA
Title: Outstanding Loans
Accounting Policies: Expenditures in the schedule are reported on the accrual basis of accounting. Such 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.
De Minimis Rate Used: N
Rate Explanation: Gibson Electric Membership Corporation has not elected to use the 10-percent de minimis cost rate allowed under the Uniform Guidance.
There were outstanding balances on loans obtained through the Rural Economic Development Loan program. These loans were passed through to subrecipients. The balance at December 31, 2022 was $840,336.
Title: Basis of Presentation
Accounting Policies: Expenditures in the schedule are reported on the accrual basis of accounting. Such 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.
De Minimis Rate Used: N
Rate Explanation: Gibson Electric Membership Corporation has not elected to use the 10-percent de minimis cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal award activity of Gibson Electric Membership Corporation under programs of the federal government for the year ended December 31, 2022. The information in this schedule is presented in accordance with the requirements of U.S. Code of Federal Regulations, Title 2, 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 the Corporation, it is not intended to, and does not, present the financial position or changes in financial position of Gibson Electric Membership Corporation.