Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The schedule of expenditures of federal awards includes the federal grant activity of Southwest Arkansas Electric Cooperative Corporation and Subsidiary and is presented on the accrual basis of accounting. 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 (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The auditee has not elected to use the 10 percent de minimis indirect cost rate
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Southwest Arkansas Electric Cooperative Corporation and Subsidiary and is presented on the accrual basis of accounting. 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 (Uniform Guidance).
Title: Indirect Cost Rate Election
Accounting Policies: The schedule of expenditures of federal awards includes the federal grant activity of Southwest Arkansas Electric Cooperative Corporation and Subsidiary and is presented on the accrual basis of accounting. 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 (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The auditee has not elected to use the 10 percent de minimis indirect cost rate
The auditee has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Noncash Federal Assistance
Accounting Policies: The schedule of expenditures of federal awards includes the federal grant activity of Southwest Arkansas Electric Cooperative Corporation and Subsidiary and is presented on the accrual basis of accounting. 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 (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The auditee has not elected to use the 10 percent de minimis indirect cost rate
The auditee did not receive any federal awards in the form of noncash assistance during the year ended December 31, 2024.
Title: Federal Loans or Guarantees
Accounting Policies: The schedule of expenditures of federal awards includes the federal grant activity of Southwest Arkansas Electric Cooperative Corporation and Subsidiary and is presented on the accrual basis of accounting. 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 (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The auditee has not elected to use the 10 percent de minimis indirect cost rate
The auditee did not participate in any federal loan or loan guarantee programs during the year.
Title: Subrecipients
Accounting Policies: The schedule of expenditures of federal awards includes the federal grant activity of Southwest Arkansas Electric Cooperative Corporation and Subsidiary and is presented on the accrual basis of accounting. 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 (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: The auditee has not elected to use the 10 percent de minimis indirect cost rate
The auditee did not pass any federal awards through to subrecipients during the year ended December 31, 2024.