Notes to SEFA
Title: Note 2: Water and Waste Disposal System
Accounting Policies: Note 1: Summary of Significant Accounting Policies
The accompanying schedule of expenditures of federal awards is a summary of the activity of the Cooperative’s federal award program presented on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
$3,144,649 of the federal awards represents direct loan proceeds for water and waste disposal systems evidenced by promissory notes with the United States of America or commercial banks acting through the Rural Development program within the United States Department of Agriculture. The Cooperative received an additional $996,237 of direct loan proceeds utilized to refinance federal awards expended through interim financing.
$517,900 of the federal awards represents grants from Rural Development