Notes to SEFA
Title: NOTE A – BASIS OF PRESENTATION
Accounting Policies: Expenditures 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: This grant allows for direct administrative costs, which the Cooperative elected to use.
The 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.
Title: NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures 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: This grant allows for direct administrative costs, which the Cooperative elected to use.
Expenditures 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.
Title: NOTE C – INDIRECT COST RATE
Accounting Policies: Expenditures 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: This grant allows for direct administrative costs, which the Cooperative elected to use.
The Cooperative has elected not to use 10% de minimis cost rate allowed under Uniform Guidance.