Notes to SEFA
The accompanying schedule of expenditures of federal awards (SEFA) includes the federal grant activity of Public Utility District No. 1 of Jefferson County, Washington (the District) and is presented on the accrual basis of accounting. 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 SEFA presents only a selected portion of the operations of the District, it is not intended to and does not present the financial position, changes in net position, or cash flows of the District.
Expenditures reported on the SEFA 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.
The District has elected not to use 15% de minimis cost rate allowed under Uniform Guidance.
As of January 1, 2025, the District had a beginning loan fund balance with the Rural Utilities Service of $87,236,028. The District paid $3,963,317 in principal payment during the year and drew down $0 of loan funds during the year. The District's ending loan fund balance with RUS is $83,272,711 as of December 31, 2025.