Notes to SEFA
Accounting Policies: NOTES TO THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDSNOTE A BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (SEFA) includes the federal grant activityof Jasper-Newton Electric Cooperative, Inc. (the Cooperative) and is presented on theaccrual basis of accounting. The information in this Schedule is presented in accordance with therequirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).Because the SEFA presents only a selected portion of the operations of the Cooperative, it is notintended to and does not present the financial position, results of its operations, or cash flows of theCooperative.NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the SEFA are reported based on guidelines outlined in CFDA 97.036Compliance Supplement requiring expenditures to be reported based on when the project worksheet hasbeen approved and when the expenditure has been incurred. Such expenditures are recognizedfollowing the cost principles contained in the Uniform Guidance, wherein certain types of expendituresare not allowable or are limited as to reimbursement.The Cooperative has not elected to use the 10 percent de minimus indirect cost rate as allowed underthe Uniform Guidance.NOTE C SEFA AMOUNTS EXPENDED IN PRIOR YEARSAll public assistance grant expenditures included in the SEFA were expended in prior years 2020 and2021 before the year ended December 31, 2022.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.