FAC Explorer

Audit 370829

FY End
2024-12-31
Total Expended
$20.25M
Findings
4
Programs
4
Organization: Suwannee Valley Electric Cooperative (FL)
Year: 2024 Accepted: 2025-10-15
Auditor: Jackson Thornton & CO PC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1160415 2024-003 Material Weakness Yes B
1160416 2024-003 Material Weakness Yes B
1160417 2024-003 Material Weakness Yes B
1160418 2024-003 Material Weakness Yes B

Programs

ALN Program Spent Major Findings
21.027 Coronavirus State and Local Fiscal Recovery Funds $8.08M Yes 1
10.850 Rural Electrification Loans and Loan Guarantees $8.00M Yes 1
21.029 Coronavirus Capital Projects Fund $3.87M Yes 1
10.854 Rural Economic Development Loans and Grants $300,000 Yes 1

Contacts

Name Title Type
SG2PBJ3ANUW2 Jessica Graham Auditee
3863305647 Woody Trimble Auditor
No contacts on file

Notes to SEFA

The accompanying schedule of expenditures of federal awards includes the federal grant activity of Suwannee Valley Electric Cooperative, Inc. and Subsidiary (the Cooperative) under programs of the federal government for the year ended December 31, 2024. Expenditures reported on the schedule are reported on the accrual basis of accounting. The information in this schedule is presented in accordance with 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). Therefore, some of the amounts presented in this schedule may differ from the amounts presented in, or used in the preparation of, the financial statements.
The Cooperative’s reporting entity is fully described in Note 1 to the financial statements.
The Cooperative has unpaid RUS - Rural Electrification Loans with continuing compliance requirements in the amount of $61,999,872 on December 31, 2024. The Cooperative also has unpaid RUS - Rural Economic Development Loans with continuing compliance requirements in the amount of $300,000 at December 31, 2024.
The Cooperative has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
There were no awards passed through to subrecipients.

Finding Details

Finding 2024-003
Criteria or specific requirement: Procedures should be established to insure a proper recording of accounts payable. Condition: Accounts payable as of the reporting date included duplicate invoices. Effect: Accounts payable and construction in process were overstated by a material amount. Cause: The accounts payable subsidiary was not adequately reviewed. Recommendation: This situation dictates that management establish procedures to ensure an adequate review of the accounts payable subsidiary. Views of responsible officials and planned corrective action: Management agrees with this finding. Management will implement procedures to ensure an adequate review of the accounts payable subsidiary