Title: Federal Awards
Accounting Policies: The schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Lee County Electric Cooperative, Inc. (the Corporation) for the year ended December 31, 2024. The information in the 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 the operations of the Corporation, it is not intended to and does not present the financial position, changes in equities or cash flows of the Corporation. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited for reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.
On September 10, 2017, President Donald J. Trump issued a major disaster declaration designated FEMA-4337-DR-FL for the state of Florida as a result of Hurricane Irma. The declaration authorized public assistance in Alachua, Baker, Bradford, Brevard, Broward, Charlotte, Citrus, Clay, Collier, Columbia, DeSoto, Dixie, Duval, Flagler, Gilchrist, Glades, Hamilton, Hardee, Hendry, Hernando, Highlands, Hillsborough, Indian River, Lafayette, Lake, Lee, Levy, Manatee, Marion, Martin, Miami-Dade, Monroe, Nassau, Okeechobee, Orange, Osceola, Palm Beach, Pasco, Pinellas, Polk, Putnam, Sarasota, Seminole, St. Johns, St. Lucie, Sumter, Suwannee, Union, and Volusia Counties. On September 29, 2022, President Joseph R. Biden issued a major disaster declaration designated FEMA-4673-DR-FL for the state of Florida as a result of Hurricane Ian. The declaration authorized public assistance in Brevard, Charlotte, Collier, DeSoto, Flagler, Glades, Hardee, Hendry, Highlands, Hillsborough, Lake, Lee, Manatee, Monroe, Okeechobee, Orange, Osceola, Palm Beach, Pasco, Pinellas, Polk, Putnam, Sarasota, Seminole, St. Johns and Volusia Counties. On August 31, 2023, President Joseph R. Biden issued a major disaster declaration designated FEMA-4734-DR-FL for the state of Florida as a result of Hurricane Idalia. The declaration authorized public assistance in Charlotte, Citrus, Columbia, Dixie, Gilchrist, Hamilton, Hernando, Hillsborough, Jefferson, Lafayette, Levy, Madison, Manatee, Pasco, Pinellas, Sarasota, Suwannee and Taylor Counties. On September 5, 2023, the declaration was amended to include Alachua, Baker, Bay, Bradford, Brevard, Calhoun, Charlotte, Clay, Collier, Desoto, Duval, Flagler, Franklin, Gadsden, Gulf, Hardee, Hillsborough, Lake, Lee, Leon, Liberty, Manatee, Marion, Nassau, Orange, Osceola, Polk, Putnam, Sarasota, Seminole, St. Johns, Sumter, Union, Volusia, and Wakulla Counties to be authorized for public assistance.
Title: SEFA Amounts Expended in Prior Years
Accounting Policies: The schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Lee County Electric Cooperative, Inc. (the Corporation) for the year ended December 31, 2024. The information in the 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 the operations of the Corporation, it is not intended to and does not present the financial position, changes in equities or cash flows of the Corporation. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited for reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.
Public Assistance Grant expenditures in the amount of $2,390,415 were included in the SEFA for the year ended December 31, 2024 that were expended in the year ended December 31, 2018. The Corporation’s grant applications included a claim for FEMA-4337-DR-FL which was initially obligated by FEMA on August 3, 2021. Based on subsequent revisions and special considerations, project worksheets are being obligated on a per draw request basis and related approved status update. Claim draws approved with status updates ranging from February 6, 2024 through September 3, 2024. Public Assistance Grant expenditures in the amount of $1,415,287 were included in the SEFA for the year ended December 31, 2024 that were expended in the year ended December 31, 2023. The Corporation’s grant applications included a claim for FEMA-4673-DR-FL which was obligated by FEMA through various projects on dates ranging from January 11, 2024 through October 24, 2024. Public Assistance Grant expenditures in the amount of $744,117 were included in the SEFA for the year ended December 31, 2024 that were expended in the year ended December 31, 2023. The Corporation’s grant applications included a claim for FEMA-4734-DR-FL which was obligated by FEMA through various projects on dates ranging from October 3, 2024 through October 23, 2024.