Notes to SEFA
Title: Relationship to the Financial Statements
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Louisiana 8 Terrebonne South Louisiana Electric Cooperative Association (the Cooperative) under programs of federal government for the year ended December 31, 2022. 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, results of operations, or cash flows of the Cooperative. 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 allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
All expenditures reported on the Schedule were incurred in the year ended December 31, 2021 and were reported as additions to Construction Work in Progress in the 2021 consolidated balance sheet. Federal award revenues were recognized in the year ended December 31, 2022, the year in which the awards were obligated, and are reported as reductions of Construction Work in Progress in the 2022 consolidated balance sheet.
Title: Passed Through to Sub Recipients
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Louisiana 8 Terrebonne South Louisiana Electric Cooperative Association (the Cooperative) under programs of federal government for the year ended December 31, 2022. 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, results of operations, or cash flows of the Cooperative. 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 allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
There were no awards passed through to sub recipients.