Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. When applicable, 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. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The Cooperative does not draw for indirect administrative expenses and has not elected to use the 10% de minimis cost rate.
The schedule of expenditures of federal awards (the schedule) includes the federal award activity of Kootenai Electric Cooperative, Inc. (the Cooperative) under programs of the federal government for the year ended December 31, 2023. The information is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 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 the Cooperative, it is not intended to and does not present the financial position, changes in members’ equity, and cash flows of the Cooperative.
Title: Disaster Grants – Public Assistance
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. When applicable, 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. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The Cooperative does not draw for indirect administrative expenses and has not elected to use the 10% de minimis cost rate.
Per the OMB Compliance Supplement, nonfederal entities must record expenditures on the schedule of expenditures of federal awards when FEMA obligates the federal share. Based on the FEMA award obligated May 12, 2022, expenditures of $1,345,404 were tested for the year ended December 31, 2022. During 2023, the award was amended, and additional amounts were approved and obligated. Of the expenditures included in the 2023 schedule, amounts of $57,288 were incurred in prior fiscal years. These expenditures were approved for payment by the federal agency in 2023 and therefore are included in the 2023 schedule.