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, 2025. 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 $90,952,655 on December 31, 2025. The Cooperative also has unpaid RUS - Rural Economic Development Loans with continuing compliance requirements in the amount of $300,000 at December 31, 2025.
The Cooperative has elected not to use the 15% de minimis indirect cost rate allowed under Uniform Guidance.
There were no awards passed through to subrecipients.
The Cooperative incurred $4,627,447 of FEMA related expenditures in fiscal year 2023 and 2024. In accordance with FEMA's Public Assistance Program guidelines, the Cooperative recorded the eligible expenditures in its fiscal year 2025 Schedule of Expenditures of Federal Awards when its project worksheet was approved by FEMA.