Notes to SEFA
The accompanying schedule of Expenditures of Federal Awards (the "Schedule") includes the federal grant activity of Steuben Rural Electric Cooperative Inc. is (the "Cooperative") under programs of the federal government for the year ended December 31, 2025. The information in this schedules 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 final position, changes in net assets or cash flows of the Cooperative.
B. BASIS OF ACCOUNTING Expenditures reported on the Schedule of Federal Awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the 0MB Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available. Steuben Rural Electric Cooperative Inc. has elected to not use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. The Federal CFDA number refers to the designation of the program within the Catalog of Federal Domestic Assistance.