Title: Note 1 - General
Accounting Policies: The accounting policies and presentation of the accompanying schedule of expenditures of federal awards (the schedule) of Withlacoochee River Electric Cooperative, Inc. (the Cooperative) have been designed to conform with U.S. generally accepted accounting principles, including the reporting and compliance requirements of the 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 Cooperative has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
The accounting policies and presentation of the accompanying schedule of expenditures of federal awards (the schedule) of Withlacoochee River Electric Cooperative, Inc. (the Cooperative) have been designed to conform with U.S. generally accepted accounting principles, including the reporting and compliance requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
Title: Note 2 - Reporting Entity
Accounting Policies: The accounting policies and presentation of the accompanying schedule of expenditures of federal awards (the schedule) of Withlacoochee River Electric Cooperative, Inc. (the Cooperative) have been designed to conform with U.S. generally accepted accounting principles, including the reporting and compliance requirements of the 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 Cooperative has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
The Cooperative reporting entity is defined in Note 1 to the Cooperative’s basic financial statements for the year ended December 31, 2024. All federal awards received directly from federal or state agencies, as well as federal awards passed through other governmental agencies, are included in this schedule.
Title: Note 3 - Contingencies
Accounting Policies: The accounting policies and presentation of the accompanying schedule of expenditures of federal awards (the schedule) of Withlacoochee River Electric Cooperative, Inc. (the Cooperative) have been designed to conform with U.S. generally accepted accounting principles, including the reporting and compliance requirements of the 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 Cooperative has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
Grant monies received and disbursed by the Cooperative are for specific purposes and are subject to review by the grantor agencies. Such audits may result in requests for reimbursement due to the disallowance of expenditures. The Cooperative does not believe that such disallowances, if any, would have a material effect on the financial position of the Cooperative.
Title: Note 4 - Indirect Cost Rate
Accounting Policies: The accounting policies and presentation of the accompanying schedule of expenditures of federal awards (the schedule) of Withlacoochee River Electric Cooperative, Inc. (the Cooperative) have been designed to conform with U.S. generally accepted accounting principles, including the reporting and compliance requirements of the 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 Cooperative has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
The Cooperative has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
Title: Note 5 - Disaster Grants – Public Assistance (Presidentially Declared Disasters)
Accounting Policies: The accounting policies and presentation of the accompanying schedule of expenditures of federal awards (the schedule) of Withlacoochee River Electric Cooperative, Inc. (the Cooperative) have been designed to conform with U.S. generally accepted accounting principles, including the reporting and compliance requirements of the 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 Cooperative has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
During the fiscal year ended December 31, 2024, the Federal Emergency Management Agency obligated $764,107 of eligible expenditures related to the Cooperative’s disaster recovery projects that have been incurred. $764,107 of the expenditures included on the schedule were expended in a prior fiscal year.