Notes to SEFA
Accounting Policies: The Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of CFPP LLC, which is a wholly-owned subsidiary of Utah Associated Municipal Power Systems (UAMPS) under programs of the federal government for the year ended March 31, 2022. 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 (the Uniform Guidance). Because the schedule presents only a selected portion of the operations of CFPP LLC, it is not intended to and does not present the financial condition, changes in net position or cash flows of UAMPS. Expenditures reported in the Schedule are reported on the accrual basis of accounting. 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.
De Minimis Rate Used: N
Rate Explanation: The auditee has elected not to use the 10% de minimis cost rate.