Title: Note 1 – Purpose of the Schedule
Accounting Policies: Basis of presentation – The information in the Schedule is presented in accordance with the Uniform Guidance.
Federal financial assistance – Pursuant to the Uniform Guidance, federal financial assistance is defined as assistance provided by a federal agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance, or direct appropriations. Nonmonetary assistance is included in the Schedule, if applicable. Federal financial assistance does not include direct federal cash assistance to individuals or solicited contracts between the state and federal government through which the federal government procures tangible goods or services.
Reporting entity – The reporting entity is fully described in Note 1 of the financial statements (incorporated by reference only). Additionally, the Schedule includes all federal programs administered by the Association for the year ended December 31, 2023.
Revenue and expense recognition – As in the financial statements, the receipt and recognition as expense of federal awards are accounted for using a flow of economic resources measurement focus to determine financial position, and change in financial position. The accounting principles used are similar to those applicable in businesses in the private sector and are maintained on the accrual basis of accounting. Revenues are recognized when earned, and expenses are recognized when incurred. Grantor agency guidelines require that the entire amount of the assistance be recognized on the Schedule in the year the award was appropriated.
De Minimis Rate Used: N
Rate Explanation: We did not use the the de minimis rate; we used actuals
The accompanying schedule of expenditures of federal awards (the Schedule) is a supplementary schedule to the financial statements of Matanuska Electric Association (“the Association”), and is presented for purposes of additional analysis. Because the Schedule presents only a selected portion of the activities of the Association, it is not intended to, and does not present either the financial position, changes in net position or operating revenues and expenses of the Association.
Title: Note 2 – Summary of Significant Accounting Policies
Accounting Policies: Basis of presentation – The information in the Schedule is presented in accordance with the Uniform Guidance.
Federal financial assistance – Pursuant to the Uniform Guidance, federal financial assistance is defined as assistance provided by a federal agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance, or direct appropriations. Nonmonetary assistance is included in the Schedule, if applicable. Federal financial assistance does not include direct federal cash assistance to individuals or solicited contracts between the state and federal government through which the federal government procures tangible goods or services.
Reporting entity – The reporting entity is fully described in Note 1 of the financial statements (incorporated by reference only). Additionally, the Schedule includes all federal programs administered by the Association for the year ended December 31, 2023.
Revenue and expense recognition – As in the financial statements, the receipt and recognition as expense of federal awards are accounted for using a flow of economic resources measurement focus to determine financial position, and change in financial position. The accounting principles used are similar to those applicable in businesses in the private sector and are maintained on the accrual basis of accounting. Revenues are recognized when earned, and expenses are recognized when incurred. Grantor agency guidelines require that the entire amount of the assistance be recognized on the Schedule in the year the award was appropriated.
De Minimis Rate Used: N
Rate Explanation: We did not use the the de minimis rate; we used actuals
Basis of presentation – The information in the Schedule is presented in accordance with the Uniform Guidance.
Federal financial assistance – Pursuant to the Uniform Guidance, federal financial assistance is defined as assistance provided by a federal agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance, or direct appropriations. Nonmonetary assistance is included in the Schedule, if applicable. Federal financial assistance does not include direct federal cash assistance to individuals or solicited contracts between the state and federal government through which the federal government procures tangible goods or services.
Reporting entity – The reporting entity is fully described in Note 1 of the financial statements (incorporated by reference only). Additionally, the Schedule includes all federal programs administered by the Association for the year ended December 31, 2023.
Revenue and expense recognition – As in the financial statements, the receipt and recognition as expense of federal awards are accounted for using a flow of economic resources measurement focus to determine financial position, and change in financial position. The accounting principles used are similar to those applicable in businesses in the private sector and are maintained on the accrual basis of accounting. Revenues are recognized when earned, and expenses are recognized when incurred. Grantor agency guidelines require that the entire amount of the assistance be recognized on the Schedule in the year the award was appropriated.
The District does not utilize the 10 percent de minimis rate.