Notes to SEFA
Title: NOTE 1 - BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on 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.
De Minimis Rate Used: Y
Rate Explanation: The Cooperative was assigned the indirect cost rate as allowed by 44 CFR 207.5(b)(4) under the awardinggrant agreement.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Gulf Coast Electric Cooperative, Inc. (the Cooperative) under programs of the federal government for the year ended December 31, 2022. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations, (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance)
Title: NOTE 4 - GENERAL
Accounting Policies: Expenditures reported on 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.
De Minimis Rate Used: Y
Rate Explanation: The Cooperative was assigned the indirect cost rate as allowed by 44 CFR 207.5(b)(4) under the awardinggrant agreement.
After a presidentially declared disaster, Federal Emergency Management Agency (FEMA) provides Disaster Grants - Public Assistance (Presidentially Declared Disasters) (Assistance Listing No. 97.036) to reimburse eligible costs associated with repair, replacement, or restoration of disaster-damaged facilities.Funds are reported as expenditures on the schedule of expenditures of federal awards once FEMA has approved the entity's project worksheet and the entity has incurred the eligible expenditures. Additional funds are expected to be reported in future years as additional project worksheets are approved.