Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on 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: Citizens Electric Corporation has elected to not use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Citizens Electric Corporation under programs of the federal government for the year ended December 31, 2023. The information in this Schedule is presented in accordance with Title 2 U.S. Code of Federal RegulationsPart 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 Citizens Electric Corporation, it is not intended to and does not present the balance sheet, statement of earnings and patronage capital, or cash flows of Citizens Electric Corporation.
Title: SUBRECIPIENTS
Accounting Policies: Expenditures reported on 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: Citizens Electric Corporation has elected to not use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The amount expended was passed-through to subrecipients in full. The subrecipient is Gilster-Mary Lee, Corp
Title: FEDERAL LOANS
Accounting Policies: Expenditures reported on 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: Citizens Electric Corporation has elected to not use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Corporation administers a rural economic development loan program funded by the U.S. Department of Agriculture. Balances and transactions relating to this program are included in the Corporation's basic financial statements. Loans disbursed during the year are included in the federal expenditures presented in the Schedule. There were two outstanding loans at December 31, 2023 totaling $2,609,365.
Title: NONCASH ASSISTANCE
Accounting Policies: Expenditures reported on 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: Citizens Electric Corporation has elected to not use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
During the year ended December 31, 2023, there were no federal awards expensed in the form of noncash assistance.