Title: Note A - Basis of Presentation
Accounting Policies: Title 2 U.S. CODE OF FEDERAL REGULATIONS PART 200, UNIFORM ADMINISTRATIVE REQUIREMENTS, COST PRINCIPLES, AND AUDIT REQUIREMENTS FOR FEDERAL AWARDS (UNIFORM GUIDANCE)
De Minimis Rate Used: N
Rate Explanation: THE CORPORATION HAS ELECTED NOT TO USE THE 10-PERCENT DE MINIMIS INDIRECT COST RATE AS ALLOWED UNDER THE UNIFORM GUIDANCE. THE SEFA REFLECTS THE APPLICATION OF ACTUAL FRINGE BENEFITS AND INDIRECT COST RATES SUBJECT TO GRANT OR PROGRAM LIMITATIONS.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of the C & L Electric Cooperative Corporation (the Corporation) under programs of the federal government for the year ended December 31, 2023. The information on this Schedule is prepared 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 select portion of the operations of the Corporation, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Corporation
Title: Note B - Summary of Significant Accounting Policies
Accounting Policies: Title 2 U.S. CODE OF FEDERAL REGULATIONS PART 200, UNIFORM ADMINISTRATIVE REQUIREMENTS, COST PRINCIPLES, AND AUDIT REQUIREMENTS FOR FEDERAL AWARDS (UNIFORM GUIDANCE)
De Minimis Rate Used: N
Rate Explanation: THE CORPORATION HAS ELECTED NOT TO USE THE 10-PERCENT DE MINIMIS INDIRECT COST RATE AS ALLOWED UNDER THE UNIFORM GUIDANCE. THE SEFA REFLECTS THE APPLICATION OF ACTUAL FRINGE BENEFITS AND INDIRECT COST RATES SUBJECT TO GRANT OR PROGRAM LIMITATIONS.
Expenditures reported on 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 Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement. The Corporation has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. The Schedule of Expenditures of Federal Awards reflects the application of actual fringe benefits and indirect cost rates, subject to grant or program limitations.
Title: Note C - Subrecipients
Accounting Policies: Title 2 U.S. CODE OF FEDERAL REGULATIONS PART 200, UNIFORM ADMINISTRATIVE REQUIREMENTS, COST PRINCIPLES, AND AUDIT REQUIREMENTS FOR FEDERAL AWARDS (UNIFORM GUIDANCE)
De Minimis Rate Used: N
Rate Explanation: THE CORPORATION HAS ELECTED NOT TO USE THE 10-PERCENT DE MINIMIS INDIRECT COST RATE AS ALLOWED UNDER THE UNIFORM GUIDANCE. THE SEFA REFLECTS THE APPLICATION OF ACTUAL FRINGE BENEFITS AND INDIRECT COST RATES SUBJECT TO GRANT OR PROGRAM LIMITATIONS.
The Corporation provided no federal awards to subrecipients during the fiscal year ending December 31, 2023.
Title: Note D - Eligible Expenditures
Accounting Policies: Title 2 U.S. CODE OF FEDERAL REGULATIONS PART 200, UNIFORM ADMINISTRATIVE REQUIREMENTS, COST PRINCIPLES, AND AUDIT REQUIREMENTS FOR FEDERAL AWARDS (UNIFORM GUIDANCE)
De Minimis Rate Used: N
Rate Explanation: THE CORPORATION HAS ELECTED NOT TO USE THE 10-PERCENT DE MINIMIS INDIRECT COST RATE AS ALLOWED UNDER THE UNIFORM GUIDANCE. THE SEFA REFLECTS THE APPLICATION OF ACTUAL FRINGE BENEFITS AND INDIRECT COST RATES SUBJECT TO GRANT OR PROGRAM LIMITATIONS.
This award was granted as a result of significant storm damages incurred during the period of January 30,2023 to February 2, 2023, in a six-county area of Arkansas. While the expenditure actually occurred in FY2023, the cost reimbursements were not made until December 2023, during a 2-month period of changing from a fiscal year to a calendar year audit period. Per the May 2023 2 CFR Part 200 Appendix XI, Compliance Supplement for AL 97.036, These expenditures are therefore reported on the Schedule of Expenditures of Federal Awards for period ending 12/31/2023.