Notes to SEFA
Expenditures reported on the Schedule of Expenditures of Federal Awards (the Schedule) are reported on the accrual basis of accounting. 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.
Direct expenses are recorded based upon actual expenses incurred that are allowable per the program requirements. The Cooperative has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying the Schedule includes the federal grant activity of SEMO Electric Cooperative and Subsidiary (the Cooperative) under programs of the federal government for the year ended December 31, 2025. 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 Schedule 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.
There were no awards passed through to sub-recipients.
No federal awards were expended in the form of noncash assistance.