Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported in the accompanying schedule of expenditures of federal awards (the
Schedule) are reported on the accrual basis of accounting. Such expenditures are recognized
following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein
certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Minnkota Power Cooperative has elected to use the 10% de minimis cost rate as applicable.
The Schedule includes the federal award activity of Minnkota Power Cooperative under programs of
the federal government for the year ended December 31, 2024. The information in this schedule 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
(Uniform Guidance). Because the Schedule presents only a selected portion of operations of
Minnkota Power Cooperative, it is not intended to and does not present the financial position, change
in net equities, or cash flows of the Minnkota Power Cooperative.