Title: Basis of Presentation
Accounting Policies: Note 1 Basis of Presentation, Note 2 Reporting Entity, Note 3 Continuing Compliance Requirements, Note 4 Indirect Cost Rate, Note 5 Subrecipients, Note 6 Recognition of Federal Expenditures
De Minimis Rate Used: N
Rate Explanation: The de minimis rate not applied for cost federal reimbursements for which the cooperative has an already established and consistently applied indirect cost allocation methodology
The accompanying schedule of expenditures of federal awrds includes the federal grant activity of Southern Pine Electric Cooperative (the Cooperative) under a program of the federal governement for the year ended December 31, 2024. Expenditures reported on the schedule are reported on the accraul basis of accounting. The information in this schedule is presented in accordance with requirements of Title 2 U.S. Code of Federal Regulations, Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Rewards (Uniform Guidance). Therefore, some of the amoutns presented in this schedule may differ from the amounts presented in, or used in the preparation of, the financial statements
Title: Reporting Entity
Accounting Policies: Note 1 Basis of Presentation, Note 2 Reporting Entity, Note 3 Continuing Compliance Requirements, Note 4 Indirect Cost Rate, Note 5 Subrecipients, Note 6 Recognition of Federal Expenditures
De Minimis Rate Used: N
Rate Explanation: The de minimis rate not applied for cost federal reimbursements for which the cooperative has an already established and consistently applied indirect cost allocation methodology
The Cooperative's reporting entity is fully described in Note 1 to the financial statements.
Title: Continuing Compliance Requirements
Accounting Policies: Note 1 Basis of Presentation, Note 2 Reporting Entity, Note 3 Continuing Compliance Requirements, Note 4 Indirect Cost Rate, Note 5 Subrecipients, Note 6 Recognition of Federal Expenditures
De Minimis Rate Used: N
Rate Explanation: The de minimis rate not applied for cost federal reimbursements for which the cooperative has an already established and consistently applied indirect cost allocation methodology
The Cooperative has unpaid RUS - Rural Electrification Loans with continuing cmopliance requirements in the amount of $138,451,347 at December 31, 2004. The Cooperative also has unpaid RUS - Rural Economic Development Loans with continuing compliance requirements in the amount of $429,629 at December 31, 2024.
Title: Indirect Cost Rate
Accounting Policies: Note 1 Basis of Presentation, Note 2 Reporting Entity, Note 3 Continuing Compliance Requirements, Note 4 Indirect Cost Rate, Note 5 Subrecipients, Note 6 Recognition of Federal Expenditures
De Minimis Rate Used: N
Rate Explanation: The de minimis rate not applied for cost federal reimbursements for which the cooperative has an already established and consistently applied indirect cost allocation methodology
The Cooperative has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance
Title: Subrecipients
Accounting Policies: Note 1 Basis of Presentation, Note 2 Reporting Entity, Note 3 Continuing Compliance Requirements, Note 4 Indirect Cost Rate, Note 5 Subrecipients, Note 6 Recognition of Federal Expenditures
De Minimis Rate Used: N
Rate Explanation: The de minimis rate not applied for cost federal reimbursements for which the cooperative has an already established and consistently applied indirect cost allocation methodology
There were no awards passed through to subrecipients
Title: Recognition of Federal Expenditures
Accounting Policies: Note 1 Basis of Presentation, Note 2 Reporting Entity, Note 3 Continuing Compliance Requirements, Note 4 Indirect Cost Rate, Note 5 Subrecipients, Note 6 Recognition of Federal Expenditures
De Minimis Rate Used: N
Rate Explanation: The de minimis rate not applied for cost federal reimbursements for which the cooperative has an already established and consistently applied indirect cost allocation methodology
The Cooperative incurred $2,892,798 of FEMA related expenditures in fiscal year 2023. In accordance with FEMA's Public Assistance Program guidelines, the Cooperative recorded the eligible expenditures in its fiscal year 2024 Schedule of Expenditures of Federal Awards when its project worksheet was approved by FEMA.