Notes to SEFA
Accounting Policies: NOTE 1GENERALThe accompanying schedule of expenditures of federal awards presents the expenditures of all federal financial assistance programs of the Cooperative for the year ended June 30, 2022. The information in this schedule is presented in accordance with the requirements of 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a select portion of the operations of The Cooperative, it is not intended to and does not present the financial position or changes in net position of The Cooperative.NOTE 2BASIS OF ACCOUNTINGThe accompanying schedule of expenditures of federal awards is presented using the modified accrual basis of accounting, which is described in Note 1 to the Cooperatives basic financial statements. 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. The Cooperative elected not to use the 10% de minimis indirect costs rate as allowed under Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.