Audit 355555

Title: 1. SIGNIFICANT ACCOUNTING POLICIES Accounting Policies: Summary of Significant Accounting Policies—Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: GRE did not elect to use the de minimis indirect cost rate allowed under the Uniform Guidance. Basis of Presentation—The accompanying Schedule of Expenditures of Federal Awards for the Department of Homeland Security 97.036 Disaster Grants—Public Assistance Program (the “Schedule”) includes the federal grant award activity of Great River Energy (the “Company”). Under the Department of Homeland Security, the Federal Emergency Management Agency (FEMA) passed through program funding via Minnesota Homeland Security and Emergency Management (HSEM) of the federal government for the year ended December 31, 2023. 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 (the “Uniform Guidance”). Because the Schedule presents only a selected portion of the operations of the Company, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Company. Summary of Significant Accounting Policies—Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.

Title: 2. DE MINIMIS COST RATE Accounting Policies: Summary of Significant Accounting Policies—Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: GRE did not elect to use the de minimis indirect cost rate allowed under the Uniform Guidance. GRE did not elect to use the de minimis indirect cost rate allowed under the Uniform Guidance.

Title: 3. DEPARTMENT OF HOMELAND SECURITY—PASSED-THROUGH MINNESOTA HSEM Accounting Policies: Summary of Significant Accounting Policies—Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: GRE did not elect to use the de minimis indirect cost rate allowed under the Uniform Guidance. For the awards from the Department of Homeland Security (DHS) related to the FEMA program, which was passed through the Minnesota HSEM Agency, DHS has indicated the amounts on the Schedule be reported on the Schedule when 1) FEMA has approved the Project, and 2) the eligible expenditures have been incurred. As such, the Schedule includes $2,669,776 of eligible expenditures incurred in a prior period, and $1,556 of eligible expenditures incurred in fiscal year 2023.