Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Modified accrual basis of accounting.
De Minimis Rate Used: Y
Rate Explanation: 10-percent de minimis indirect cost rate as allowed under the UG.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Cooperative under prorams of the federal government for the year ended June 20, 2023. The infomration in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations fo the Cooperative, it is not intended to and does not present the financial position, changes in net position, or cash flow of the Cooperative.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Modified accrual basis of accounting.
De Minimis Rate Used: Y
Rate Explanation: 10-percent de minimis indirect cost rate as allowed under the UG.
Expenditures reported on the schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Unifrom Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on teh schedule represnet adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The Cooperative has elected use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: FEDERAL REIMBURSEMENT
Accounting Policies: Modified accrual basis of accounting.
De Minimis Rate Used: Y
Rate Explanation: 10-percent de minimis indirect cost rate as allowed under the UG.
Federal reimbursements are not based upon specific expenditures. Therefore, the amounts reported here represent cash received rather than federal expenditures.