Notes to SEFA
Title: a - basis of presentation
Accounting Policies: Expenditures reported on the SEFA 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.
De Minimis Rate Used: N
Rate Explanation: Did not claim overheads as part of grant
The accompanying schedule of expenditures of federal awards (SEFA) includes the federal grant activity
of Public Utility District No. 1 of Jefferson County, Washington (the District) 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). Because the SEFA presents only a
selected portion of the operations of the District, it is not intended to and does not present the financial
position, changes in net assets, or cash flows of the District.
Title: b - summary of significant accounting policies
Accounting Policies: Expenditures reported on the SEFA 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.
De Minimis Rate Used: N
Rate Explanation: Did not claim overheads as part of grant
Expenditures reported on the SEFA 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.
Title: c - indirect cost rate
Accounting Policies: Expenditures reported on the SEFA 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.
De Minimis Rate Used: N
Rate Explanation: Did not claim overheads as part of grant
The District has elected not to use 10% de minimis cost rate allowed under Uniform Guidance.
Title: d - loan funds
Accounting Policies: Expenditures reported on the SEFA 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.
De Minimis Rate Used: N
Rate Explanation: Did not claim overheads as part of grant
As of January 1, 2024 the District had a beginning loan fund balance with the Rural Utilities Service of
$90,132,223. The District paid $3,789,737 in principal payment during the year and drew down $893,542
of loan funds during the year. The District’s ending loan fund balance with RUS is $87,236,028 as of
December 31, 2024.