Notes to SEFA
Accounting Policies: NOTE A BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (SEFA) includes the federal grant activityof Cimarron Electric Cooperative, Inc. (the Cooperative) and is presented on the accrual basis ofaccounting. The information in this Schedule is presented in accordance with the requirements of Title 2U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, andAudit Requirements for Federal Awards (Uniform Guidance). Because the SEFA presents only a selectedportion of the operations of the Cooperative, it is not intended to and does not present the financial position,changes in net assets, or cash flows of the Cooperative.NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the SEFA are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.