Notes to SEFA
The information in the Schedule is presented in accordance with requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
Pursuant to the Uniform Guidance, federal financial assistance is defined as assistance provided by a federal agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance, or direct appropriations. Nonmonetary assistance is included in the Schedule, if applicable. Federal financial assistance does not include direct federal cash assistance to individuals or solicited contracts between the state and federal government through which the federal government procures tangible goods or services. Pass-through entity identifying numbers are presented where applicable.
The reporting entity is fully described in Note 1 of the consolidated financial statements (incorporated by reference only). Additionally, the Schedule includes all federal programs administered by the Cooperative for the year ended December 31, 2024.
As in the consolidated financial statements, the receipts and recognition as expense of federal awards are accounted for using a flow of economic resources measurement focus to determine financial position and change in financial position. The accounting principles used are maintained on the accrual basis of accounting. Revenues are recognized when earned, and expenses are recognized when incurred. The Cooperative does not utilize the 10 percent de minimis rate.