Title: Purpose of the Schedule
Accounting Policies: Basis of presentation – The information in the Schedule is presented in accordance with 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). As in the financial statements, the accompanying Schedule is prepared based on the accrual basis of accounting.
Federal financial assistance – Pursuant to the Uniform Guidance, federal financial assistance is defined as assistance provided by a federal agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance, or direct appropriations. Nonmonetary assistance is included in the Schedule, if applicable. Federal financial assistance does not include direct federal cash assistance to individuals or solicited contracts between the state and federal government through which the federal government procures tangible goods or services.
Reporting entity – The reporting entity is fully described in Note 1 of the financial statements (incorporated by reference only). Additionally, the Schedule includes all federal programs administered by the Cooperative for the year ended December 31, 2024.
De Minimis Rate Used: N
Rate Explanation: Upon agreement with granting agency, de minimus cost rate will be applied at the end of project, if applicable towards remaining grant/match
The accompanying schedule of expenditures of federal awards (the Schedule) is a supplementary
schedule to the financial statements of Orcas Power & Light Cooperative and Subsidiary (the
Cooperative) and is presented for purposes of additional analysis. Because the Schedule presents only a
selected portion of the activities of the Cooperative, it is not intended to, and does not present either the
financial position, changes in net position or operating revenues and expenses of the Cooperative.
Title: Indirect Costs
Accounting Policies: Basis of presentation – The information in the Schedule is presented in accordance with 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). As in the financial statements, the accompanying Schedule is prepared based on the accrual basis of accounting.
Federal financial assistance – Pursuant to the Uniform Guidance, federal financial assistance is defined as assistance provided by a federal agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance, or direct appropriations. Nonmonetary assistance is included in the Schedule, if applicable. Federal financial assistance does not include direct federal cash assistance to individuals or solicited contracts between the state and federal government through which the federal government procures tangible goods or services.
Reporting entity – The reporting entity is fully described in Note 1 of the financial statements (incorporated by reference only). Additionally, the Schedule includes all federal programs administered by the Cooperative for the year ended December 31, 2024.
De Minimis Rate Used: N
Rate Explanation: Upon agreement with granting agency, de minimus cost rate will be applied at the end of project, if applicable towards remaining grant/match
The Cooperative has not elected to use the 10 percent de minimis indirect cost rate allowed under the
Uniform Guidance.