Title: Note 1 – Basis of Presentation
Accounting Policies: The accompanying Schedule is prepared on the same basis of accounting as the PUD’s financial statements. The PUD uses the accrual basis of accounting, whereby expenditures are recorded when incurred (i.e., when goods are received, or services provided). Such expenditures are recognized following the cost principles in Uniform Guidance wherein certain types of expenditures are not allowable or limited as to reimbursement. Expenditures reported include any property or equipment acquisitions incurred under federal programs. Pass-through identifying numbers are presented where available.
The amount shown as current year expenditures represent only the federal grant portion of the program costs. Entire program costs, including the PUD’s portion, are more than shown.
The PUD is not eligible to use an indirect rate on these federal awards, therefore the de minimis indirect cost rate as described in 2 CFR 200.414 is not being utilized.
De Minimis Rate Used: N
Rate Explanation: The PUD is not eligible to use an indirect rate on these federal awards, therefore the de minimis indirect cost rate as described in 2 CFR 200.414 is not being utilized.
The accompanying Schedule of Expenditures of Federal Awards (Schedule) presents the expenditures of federal awards of the Snohomish County Public Utility District No. 1 (the PUD) 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 (CFR) 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 PUD, it is not intended to and does not present the net position, changes in net position, or cash flows of the PUD.
The PUD’s reporting entity is defined in Note 1 of the PUD’s financial statements. All federal awards from federal agencies are included in the Schedule.
Title: Note 2 – Summary of Significant Accounting Policies
Accounting Policies: The accompanying Schedule is prepared on the same basis of accounting as the PUD’s financial statements. The PUD uses the accrual basis of accounting, whereby expenditures are recorded when incurred (i.e., when goods are received, or services provided). Such expenditures are recognized following the cost principles in Uniform Guidance wherein certain types of expenditures are not allowable or limited as to reimbursement. Expenditures reported include any property or equipment acquisitions incurred under federal programs. Pass-through identifying numbers are presented where available.
The amount shown as current year expenditures represent only the federal grant portion of the program costs. Entire program costs, including the PUD’s portion, are more than shown.
The PUD is not eligible to use an indirect rate on these federal awards, therefore the de minimis indirect cost rate as described in 2 CFR 200.414 is not being utilized.
De Minimis Rate Used: N
Rate Explanation: The PUD is not eligible to use an indirect rate on these federal awards, therefore the de minimis indirect cost rate as described in 2 CFR 200.414 is not being utilized.
The accompanying Schedule is prepared on the same basis of accounting as the PUD’s financial statements. The PUD uses the accrual basis of accounting, whereby expenditures are recorded when incurred (i.e., when goods are received, or services provided). Such expenditures are recognized following the cost principles in Uniform Guidance wherein certain types of expenditures are not allowable or limited as to reimbursement. Expenditures reported include any property or equipment acquisitions incurred under federal programs. Pass-through identifying numbers are presented where available.
The amount shown as current year expenditures represent only the federal grant portion of the program costs. Entire program costs, including the PUD’s portion, are more than shown.
The PUD is not eligible to use an indirect rate on these federal awards, therefore the de minimis indirect cost rate as described in 2 CFR 200.414 is not being utilized.
Title: Note 3 – Department of Energy Grant (Bipartisan Infrastructure Law (BIL)) – Snohomish County PUD’s Secure Modern Automated and Reliable Technology Project (SnoSMART)
Accounting Policies: The accompanying Schedule is prepared on the same basis of accounting as the PUD’s financial statements. The PUD uses the accrual basis of accounting, whereby expenditures are recorded when incurred (i.e., when goods are received, or services provided). Such expenditures are recognized following the cost principles in Uniform Guidance wherein certain types of expenditures are not allowable or limited as to reimbursement. Expenditures reported include any property or equipment acquisitions incurred under federal programs. Pass-through identifying numbers are presented where available.
The amount shown as current year expenditures represent only the federal grant portion of the program costs. Entire program costs, including the PUD’s portion, are more than shown.
The PUD is not eligible to use an indirect rate on these federal awards, therefore the de minimis indirect cost rate as described in 2 CFR 200.414 is not being utilized.
De Minimis Rate Used: N
Rate Explanation: The PUD is not eligible to use an indirect rate on these federal awards, therefore the de minimis indirect cost rate as described in 2 CFR 200.414 is not being utilized.
In September 2024, the PUD entered into a cost reimbursement grant agreement with the U.S. Department of Energy Grid Deployment Office for a Grid Resilience and Innovation Partnership (GRIP) grant. The total program is budgeted for $63,039,833, with $30,000,000 of federal funding, and $33,039,833 of cost share funds. As of December 31, 2024, the PUD recognized $112,188 in federal grant expenditures, and $112,188 is PUD cost share expenditures associated with this project.
Title: Note 4 – Department of Energy Grant – American Recovery and Reinvestment Act
Accounting Policies: The accompanying Schedule is prepared on the same basis of accounting as the PUD’s financial statements. The PUD uses the accrual basis of accounting, whereby expenditures are recorded when incurred (i.e., when goods are received, or services provided). Such expenditures are recognized following the cost principles in Uniform Guidance wherein certain types of expenditures are not allowable or limited as to reimbursement. Expenditures reported include any property or equipment acquisitions incurred under federal programs. Pass-through identifying numbers are presented where available.
The amount shown as current year expenditures represent only the federal grant portion of the program costs. Entire program costs, including the PUD’s portion, are more than shown.
The PUD is not eligible to use an indirect rate on these federal awards, therefore the de minimis indirect cost rate as described in 2 CFR 200.414 is not being utilized.
De Minimis Rate Used: N
Rate Explanation: The PUD is not eligible to use an indirect rate on these federal awards, therefore the de minimis indirect cost rate as described in 2 CFR 200.414 is not being utilized.
In January 2022, the PUD entered into a deliverable based grant agreement with Washington State Department of Commerce to receive funds under the Low-Income Community Solar Deployment Grants Program. The total grant award included $878,036 from federal funds of $861,814 (98.15%) and state funds of $16,222 (1.85%), to build a solar array in South Everett. Proceeds of energy credits are donated to the Community Energy Fund (formerly Project Pride) to assist with utility bills. In December 2024, the PUD completed milestone D, equipment delivery, installation, and construction and recorded a receivable in its financial statements. The receivable includes the federal portion of $741,142 and the state portion of $13,970.