Notes to SEFA
Title: Note 1. 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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Cooperative has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of Meade County Rural Electric Cooperative Corporation (the Cooperative) under the program of the federal government for the year ended October 31, 2024. 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). Because the schedule presents only a selected portion of the operations of the Cooperative, it is not intended to and does not present the financial position, changes in members' equities, or cash flows of the Cooperative.
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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Cooperative has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
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. The Cooperative has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance. Pass-through entity identifying numbers are presented where available.
Title: Note 3. Subrecipients
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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Cooperative has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
There were no awards passed through to subrecipients for the year ended October 31, 2024.
Title: Note 4. Prior Expenditures and Reporting Period
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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Cooperative has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
The schedule of expenditures of federal awards for the year ended October 31, 2024, includes $1,060,054 of expenditures that were incurred during the year ended October 31, 2023, and subsequently obligated by the Federal Emergency Management Agency for the period beginning November 1, 2023, through October 31, 2024.