Notes to SEFA
Title: NOTE TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS-BASIS OF PRESENTATION
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: THE COOPERATIVE HAS NOT ELECTED TO USE THE 10% DE MINIMUS INDIRECT COST RATE.
THE ACCOMPANYING SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS (THE SCHEDULE) INCLUDES THE FEDERAL GRANT ACTIVITY OF CLAIBORNE ELECTRIC COOPERATIVE, INC. UNDER PROGRAMS OF THE FEDERAL GOVERNMENT FOR THE YEAR ENDED DECEMBER 31, 2024. THE INFORMATION IN THIS SCHEDULE IS PRESENTED IN ACCORDANCE WITH TITLE 2 U.S. CODE OF FEDERAL REGULATIONS PART 200, UNIFORM ADMINISTRATIVE REQUIREMENTS, COST PRINCIPLES, AND AUDIT REQUIREMENTS FOR FEDERAL AWARDS. THEREFORE, SOME AMOUNTS PRESENTED IN THIS SCHEDULE MAY DIFFER FROM AMOUNTS PRESENTED IN, OR USED IN THE PREPARATION OF, THE BASIC FINANCIAL STATEMENTS. BECAUSE THE SCHEDULE PRESENTS ONLY A PORTION OF THE OPERATIONS OF THE COOPERATIVE, IT IS NOT INTENDED TO AND DOES NOT PRESENT THE FINANCIAL POSITION, RESULTS OF OPERATIONS OR CASH FLOWS OF THE COOPERATIVE. THE FEDERAL EXPENDITURES REPRESENT AMOUNTS RECEIVED IN 2024, BUT INCURRED IN PREVIOUS YEARS. THE COOPERATIVE HAS NOT ELECTED TO USE THE 10% DE MINIMUS INDIRECT COST RATE.
Title: NOTE 2-SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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: THE COOPERATIVE HAS NOT ELECTED TO USE THE 10% DE MINIMUS INDIRECT COST RATE.
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.