Title: Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Osage Valley Electric Cooperative Association and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: Y
Rate Explanation: For the year ended June 30, 2024, the Cooperative elected to use the 10% de minimis indirect cost rate.
The Osage Valley Electric Cooperative Association did not receive federal awards on behalf of others
Title: Non-Monetary Awards
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Osage Valley Electric Cooperative Association and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: Y
Rate Explanation: For the year ended June 30, 2024, the Cooperative elected to use the 10% de minimis indirect cost rate.
Non-monetary assistance is reported in the schedule of expenditures of federal awards at the fair market value of the commodities received and disbursed. During the year ended June 30, 2024, the Cooperative did not receive any non-monetary assistance.
Title: Insurance
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Osage Valley Electric Cooperative Association and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: Y
Rate Explanation: For the year ended June 30, 2024, the Cooperative elected to use the 10% de minimis indirect cost rate.
As of and for the year ended June 30, 2024, the Cooperative had no federal insurance in effect.
Title: Federal Loans or Loan Guarantees
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Osage Valley Electric Cooperative Association and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: Y
Rate Explanation: For the year ended June 30, 2024, the Cooperative elected to use the 10% de minimis indirect cost rate.
As of and for the year ended June 30, 2023, the Cooperative had one federal loan with a balance of $1,336,134 advanced from the total available principal of $1,731,000. The loan is in combination with $300,000 in grant funds received pertaining to the Rural Economic Development Loan and Grant Program.