Title: Basis of Presentation
Accounting Policies: The Schedule of Expenditures of Federal Awards (SEFA) includes the federal grant activity of the Cooperative for the year ended December 31, 2024. The information in this schedule only presents a selection portion of the operation of the Cooperative, it is not intended to and does not present the financial position, operation or cash flows of the Cooperative. The SEFA is present using the accrual basis of accounts, which is described in Note 1 of the Cooperative consolidated financial statements. The Cooperative records the federal awards as a reduction of plant in service or repairs and maintenance expense in its consolidated financial statement, as the receipts from the public assistance grant are a reimbursement of the Cooperative's costs or repairs and maintenance expenses. The amounts reported in the Schedule for the year ended December 31, 2024 related to the costs incurred in connections with the Oklahoma severe storms, straight-lines winds, tornadoes, and flooding, DR-4721, DR-4776, DR-4791, which were incurred during 2023 and 2024. The Cooperative received appropriate approvals from FEMA in 2024.
De Minimis Rate Used: N
Rate Explanation: Actual cost of disaster damage work performed
The Schedule of Expenditures of Federal Awards (SEFA) includes the federal grant activity of the Cooperative for the year ended December 31, 2024. The information in this schedule only presents a selection portion of the operation of the Cooperative, it is not intended to and does not present the financial position, operation or cash flows of the Cooperative.
Title: Basis of Accounting
Accounting Policies: The Schedule of Expenditures of Federal Awards (SEFA) includes the federal grant activity of the Cooperative for the year ended December 31, 2024. The information in this schedule only presents a selection portion of the operation of the Cooperative, it is not intended to and does not present the financial position, operation or cash flows of the Cooperative. The SEFA is present using the accrual basis of accounts, which is described in Note 1 of the Cooperative consolidated financial statements. The Cooperative records the federal awards as a reduction of plant in service or repairs and maintenance expense in its consolidated financial statement, as the receipts from the public assistance grant are a reimbursement of the Cooperative's costs or repairs and maintenance expenses. The amounts reported in the Schedule for the year ended December 31, 2024 related to the costs incurred in connections with the Oklahoma severe storms, straight-lines winds, tornadoes, and flooding, DR-4721, DR-4776, DR-4791, which were incurred during 2023 and 2024. The Cooperative received appropriate approvals from FEMA in 2024.
De Minimis Rate Used: N
Rate Explanation: Actual cost of disaster damage work performed
The accompanying Schedule is presented using the accrual basis of accounting, which is described in note 1 to the Cooperative’s consolidated financial statements.
Title: Relationship to the Consolidated Financial Statements
Accounting Policies: The Schedule of Expenditures of Federal Awards (SEFA) includes the federal grant activity of the Cooperative for the year ended December 31, 2024. The information in this schedule only presents a selection portion of the operation of the Cooperative, it is not intended to and does not present the financial position, operation or cash flows of the Cooperative. The SEFA is present using the accrual basis of accounts, which is described in Note 1 of the Cooperative consolidated financial statements. The Cooperative records the federal awards as a reduction of plant in service or repairs and maintenance expense in its consolidated financial statement, as the receipts from the public assistance grant are a reimbursement of the Cooperative's costs or repairs and maintenance expenses. The amounts reported in the Schedule for the year ended December 31, 2024 related to the costs incurred in connections with the Oklahoma severe storms, straight-lines winds, tornadoes, and flooding, DR-4721, DR-4776, DR-4791, which were incurred during 2023 and 2024. The Cooperative received appropriate approvals from FEMA in 2024.
De Minimis Rate Used: N
Rate Explanation: Actual cost of disaster damage work performed
The Cooperative records the federal awards as a reduction of plant in service or repairs and maintenance expense in its consolidated financial statement, as the receipts from the public assistance grant are a reimbursement of the Cooperative's costs or repairs and maintenance expenses. The amounts reported in the Schedule for the year ended December 31, 2024 related to the costs incurred in connections with the Oklahoma severe storms, straight-lines winds, tornadoes, and flooding, DR-4721, DR-4776, DR-4791, which were incurred during 2023 and 2024. The Cooperative received appropriate approvals from FEMA in 2024.
Title: Indirect Cost Rate
Accounting Policies: The Schedule of Expenditures of Federal Awards (SEFA) includes the federal grant activity of the Cooperative for the year ended December 31, 2024. The information in this schedule only presents a selection portion of the operation of the Cooperative, it is not intended to and does not present the financial position, operation or cash flows of the Cooperative. The SEFA is present using the accrual basis of accounts, which is described in Note 1 of the Cooperative consolidated financial statements. The Cooperative records the federal awards as a reduction of plant in service or repairs and maintenance expense in its consolidated financial statement, as the receipts from the public assistance grant are a reimbursement of the Cooperative's costs or repairs and maintenance expenses. The amounts reported in the Schedule for the year ended December 31, 2024 related to the costs incurred in connections with the Oklahoma severe storms, straight-lines winds, tornadoes, and flooding, DR-4721, DR-4776, DR-4791, which were incurred during 2023 and 2024. The Cooperative received appropriate approvals from FEMA in 2024.
De Minimis Rate Used: N
Rate Explanation: Actual cost of disaster damage work performed
The cooperative did not elect to use the 10% de minimus indirect cost rate.
Title: Loans
Accounting Policies: The Schedule of Expenditures of Federal Awards (SEFA) includes the federal grant activity of the Cooperative for the year ended December 31, 2024. The information in this schedule only presents a selection portion of the operation of the Cooperative, it is not intended to and does not present the financial position, operation or cash flows of the Cooperative. The SEFA is present using the accrual basis of accounts, which is described in Note 1 of the Cooperative consolidated financial statements. The Cooperative records the federal awards as a reduction of plant in service or repairs and maintenance expense in its consolidated financial statement, as the receipts from the public assistance grant are a reimbursement of the Cooperative's costs or repairs and maintenance expenses. The amounts reported in the Schedule for the year ended December 31, 2024 related to the costs incurred in connections with the Oklahoma severe storms, straight-lines winds, tornadoes, and flooding, DR-4721, DR-4776, DR-4791, which were incurred during 2023 and 2024. The Cooperative received appropriate approvals from FEMA in 2024.
De Minimis Rate Used: N
Rate Explanation: Actual cost of disaster damage work performed
There were no loans outstanding as of December 31, 2024.
Title: Sub recipients
Accounting Policies: The Schedule of Expenditures of Federal Awards (SEFA) includes the federal grant activity of the Cooperative for the year ended December 31, 2024. The information in this schedule only presents a selection portion of the operation of the Cooperative, it is not intended to and does not present the financial position, operation or cash flows of the Cooperative. The SEFA is present using the accrual basis of accounts, which is described in Note 1 of the Cooperative consolidated financial statements. The Cooperative records the federal awards as a reduction of plant in service or repairs and maintenance expense in its consolidated financial statement, as the receipts from the public assistance grant are a reimbursement of the Cooperative's costs or repairs and maintenance expenses. The amounts reported in the Schedule for the year ended December 31, 2024 related to the costs incurred in connections with the Oklahoma severe storms, straight-lines winds, tornadoes, and flooding, DR-4721, DR-4776, DR-4791, which were incurred during 2023 and 2024. The Cooperative received appropriate approvals from FEMA in 2024.
De Minimis Rate Used: N
Rate Explanation: Actual cost of disaster damage work performed
There were no subrecipients during the year ending December 31, 2024.