Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Modified accrual
De Minimis Rate Used: N
Rate Explanation: See note
The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance summarizes the expenditures of TVEC under programs of the federal and state governments. The schedule is presented using the modified accrual basis of accounting.
Title: Indirect Cost
Accounting Policies: Modified accrual
De Minimis Rate Used: N
Rate Explanation: See note
TVEC has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Aid-to-Construction
Accounting Policies: Modified accrual
De Minimis Rate Used: N
Rate Explanation: See note
Recorded as aid-to-construction in construction work in progress in Electric plant on page 7 of the consolidated balance sheet.