Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of Federal awards (the Schedule) includes the federal award activity of the Long Island Power Authority (LIPA) under programs of the Federal government for the year ended December 31, 2024. The information in the Schedule is presented in accordance with the 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). Because the Schedule presents only a selected portion of the operations of LIPA, it is not intended to and does not present the financial position, changes in net position, or cash flows of LIPA.
After a presidentially declared disaster, the U.S. Federal Emergency Management Agency (FEMA) provides a public assistance grant to reimburse eligible costs associated with repair, replacement, or restoration of disaster damaged facilities. The Federal Government reimburses in the form of cost shared grants.
Expenditures reported on the Schedule are reported once both expenditures have been incurred by LIPA and FEMA has obligated the award. 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. Negative amounts shown on the Schedule, if any, represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
LIPA did not pass through any federal awards to subrecipients during the year ended December 31, 2024.
De Minimis Rate Used: N
Rate Explanation: LIPA has not elected to use the ten percent de minimis indirect cost rate allowed by the Uniform Guidance.
The accompanying schedule of expenditures of Federal awards (the Schedule) includes the federal award activity of the Long Island Power Authority (LIPA) under programs of the Federal government for the year ended December 31, 2024. The information in the Schedule is presented in accordance with the 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). Because the Schedule presents only a selected portion of the operations of LIPA, it is not intended to and does not present the financial position, changes in net position, or cash flows of LIPA.
After a presidentially declared disaster, the U.S. Federal Emergency Management Agency (FEMA) provides a public assistance grant to reimburse eligible costs associated with repair, replacement, or restoration of disaster damaged facilities. The Federal Government reimburses in the form of cost shared grants.
Expenditures reported on the Schedule are reported once both expenditures have been incurred by LIPA and FEMA has obligated the award. 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. Negative amounts shown on the Schedule, if any, represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
LIPA did not pass through any federal awards to subrecipients during the year ended December 31, 2024.
Title: Auditee Use of the De Minimis Cost Rate
Accounting Policies: The accompanying schedule of expenditures of Federal awards (the Schedule) includes the federal award activity of the Long Island Power Authority (LIPA) under programs of the Federal government for the year ended December 31, 2024. The information in the Schedule is presented in accordance with the 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). Because the Schedule presents only a selected portion of the operations of LIPA, it is not intended to and does not present the financial position, changes in net position, or cash flows of LIPA.
After a presidentially declared disaster, the U.S. Federal Emergency Management Agency (FEMA) provides a public assistance grant to reimburse eligible costs associated with repair, replacement, or restoration of disaster damaged facilities. The Federal Government reimburses in the form of cost shared grants.
Expenditures reported on the Schedule are reported once both expenditures have been incurred by LIPA and FEMA has obligated the award. 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. Negative amounts shown on the Schedule, if any, represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
LIPA did not pass through any federal awards to subrecipients during the year ended December 31, 2024.
De Minimis Rate Used: N
Rate Explanation: LIPA has not elected to use the ten percent de minimis indirect cost rate allowed by the Uniform Guidance.
LIPA has not elected to use the ten percent de minimis indirect cost rate allowed by the Uniform Guidance.
Title: Relationship to Federal Financial Report
Accounting Policies: The accompanying schedule of expenditures of Federal awards (the Schedule) includes the federal award activity of the Long Island Power Authority (LIPA) under programs of the Federal government for the year ended December 31, 2024. The information in the Schedule is presented in accordance with the 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). Because the Schedule presents only a selected portion of the operations of LIPA, it is not intended to and does not present the financial position, changes in net position, or cash flows of LIPA.
After a presidentially declared disaster, the U.S. Federal Emergency Management Agency (FEMA) provides a public assistance grant to reimburse eligible costs associated with repair, replacement, or restoration of disaster damaged facilities. The Federal Government reimburses in the form of cost shared grants.
Expenditures reported on the Schedule are reported once both expenditures have been incurred by LIPA and FEMA has obligated the award. 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. Negative amounts shown on the Schedule, if any, represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
LIPA did not pass through any federal awards to subrecipients during the year ended December 31, 2024.
De Minimis Rate Used: N
Rate Explanation: LIPA has not elected to use the ten percent de minimis indirect cost rate allowed by the Uniform Guidance.
The regulations and guidelines governing preparation of Federal financial reports may not match the accounting principles used by LIPA to present amounts in the Schedule. Accordingly, the amounts reported in the federal financial reports do not necessarily agree with the amounts reported in the accompanying Schedule.
Title: Matching Costs
Accounting Policies: The accompanying schedule of expenditures of Federal awards (the Schedule) includes the federal award activity of the Long Island Power Authority (LIPA) under programs of the Federal government for the year ended December 31, 2024. The information in the Schedule is presented in accordance with the 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). Because the Schedule presents only a selected portion of the operations of LIPA, it is not intended to and does not present the financial position, changes in net position, or cash flows of LIPA.
After a presidentially declared disaster, the U.S. Federal Emergency Management Agency (FEMA) provides a public assistance grant to reimburse eligible costs associated with repair, replacement, or restoration of disaster damaged facilities. The Federal Government reimburses in the form of cost shared grants.
Expenditures reported on the Schedule are reported once both expenditures have been incurred by LIPA and FEMA has obligated the award. 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. Negative amounts shown on the Schedule, if any, represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
LIPA did not pass through any federal awards to subrecipients during the year ended December 31, 2024.
De Minimis Rate Used: N
Rate Explanation: LIPA has not elected to use the ten percent de minimis indirect cost rate allowed by the Uniform Guidance.
Matching costs, (i.e. the non Federal share of certain program costs), are not included in the accompanying Schedule.
Title: Disaster Grants – Public Assistance (Presidentially Declared Disasters)
Accounting Policies: The accompanying schedule of expenditures of Federal awards (the Schedule) includes the federal award activity of the Long Island Power Authority (LIPA) under programs of the Federal government for the year ended December 31, 2024. The information in the Schedule is presented in accordance with the 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). Because the Schedule presents only a selected portion of the operations of LIPA, it is not intended to and does not present the financial position, changes in net position, or cash flows of LIPA.
After a presidentially declared disaster, the U.S. Federal Emergency Management Agency (FEMA) provides a public assistance grant to reimburse eligible costs associated with repair, replacement, or restoration of disaster damaged facilities. The Federal Government reimburses in the form of cost shared grants.
Expenditures reported on the Schedule are reported once both expenditures have been incurred by LIPA and FEMA has obligated the award. 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. Negative amounts shown on the Schedule, if any, represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
LIPA did not pass through any federal awards to subrecipients during the year ended December 31, 2024.
De Minimis Rate Used: N
Rate Explanation: LIPA has not elected to use the ten percent de minimis indirect cost rate allowed by the Uniform Guidance.
As a result of various events that have been presidentially declared disasters, LIPA has been awarded
various public assistance grants. The amounts reported on the Schedule for the year ended December 31,
2024 relate to costs incurred in connection with COVID-19 Safe Opening-Statewide, Severe Storm Event - Sept 2023, and
Hurricane Sandy.