Notes to SEFA
The accompanying schedule of expenditures of federal awards (SEFA) includes the federal grant activity of Mora-San Miguel Electric Cooperative, Inc. (the Cooperative) 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 Cooperative, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Cooperative.
Expenditures reported on the schedule are reported on the accrual basis of accounting or when the funds are obligated by the awarding entity. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or limited as to reimbursement.
The Cooperative has elected not to use 10% de minimis cost rate allowed under Uniform Guidance.
The Cooperative received a total of $4,516,292 from FEMA during the year ended December 31, 2024.