Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The Schedule of Expenditures of Federal Awards is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Office of Management and Budget (OMB) Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: SECO has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance
The Schedule of Expenditures of Federal Awards includes the federal grant activity of the Sumter Electric Cooperative, Inc. and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Office of Management and Budget (OMB) Uniform Guidance. Therefore, amounts presented in this schedule may differ from the amounts presented in, or used in, the preparation of the financial statements
Title: Indirect Cost Rate
Accounting Policies: The Schedule of Expenditures of Federal Awards is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Office of Management and Budget (OMB) Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: SECO has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance
Sumter Electric Cooperative, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the OMB Uniform
Guidance.
Title: Disaster Grants - Public Assistance
Accounting Policies: The Schedule of Expenditures of Federal Awards is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Office of Management and Budget (OMB) Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: SECO has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance
During the fiscal year ended December 31, 2024, there was $992,742 related to FEMA-approved projects for the entity for expenses that have been incurred. $992,742 of the expenses included on the SEFA were expended in the year ended December 31, 2024