Notes to SEFA
The accompanying schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of Steuben Rural Electric Cooperative Inc. is (the “Cooperative”) under programs of the federal government for the year ended December 31, 2024. The information in this schedules is presented in accordance with the requirements of the office of Management and Budget (“OMB”) 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 final position, changes in net assets or cash flows of the Organization.
Expenditures reported on the Schedule of Federal Awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the OMB 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. Steuben Rural Electric Cooperative Inc. has elected to not use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. The Federal CFDA number refers to the designation of the program within the catalog of Federal Domestic Assistance.
The objectives of the major federal programs as described in the Catalog of Federal Domestic Assistance are as follows: CFDA No. 97.036 Disaster Grants Public Assistance (presidentially Declared Disasters) The purpose of the Disaster Grants Public Assistance is to assist in responding to and recovering from the devastating effects of disasters by providing assistance for debris removal, emergency protective measures, and the repair, restoration, reconstruction or replacement of public and eligible private non-profit facilities or infrastructure damaged or destroyed as the result of Presidentially-declared major disasters or emergencies.