Title: Note 1 - Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Clarke-Washington Electric Membership Corporation (the Corporation) under programs of the federal government for the year ended March 31, 2023. 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.
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Clarke-Washington Electric Membership Corporation (the Corporation) under programs of the federal government for the year ended March 31, 2023. 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.
Title: Note 2 - Reporting Entity
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Clarke-Washington Electric Membership Corporation (the Corporation) under programs of the federal government for the year ended March 31, 2023. 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.
De Minimis Rate Used: N
Rate Explanation: N/A
The Corporation’s reporting entity is fully described in Note 1 to the financial statements.
Title: Note 3 - Continuing Compliance Requirements
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Clarke-Washington Electric Membership Corporation (the Corporation) under programs of the federal government for the year ended March 31, 2023. 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.
De Minimis Rate Used: N
Rate Explanation: N/A
The Corporation has unpaid RUS loans with continuing compliance requirements in the amount of $30,611,043 at March 31, 2023. The Corporation also has unpaid RUS – Rural Economic Development Loans with continuing compliance requirements in the amount of $300,000 at March 31, 2023.
Title: Note 4 - Indirect Cost Rate
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Clarke-Washington Electric Membership Corporation (the Corporation) under programs of the federal government for the year ended March 31, 2023. 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.
De Minimis Rate Used: N
Rate Explanation: N/A
The Corporation has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
Title: Note 5 - Subrecepients
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Clarke-Washington Electric Membership Corporation (the Corporation) under programs of the federal government for the year ended March 31, 2023. 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.
De Minimis Rate Used: N
Rate Explanation: N/A
There were no awards passed through to subrecipients.
Title: Note 6 - Recognition of Federal Expenditures
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Clarke-Washington Electric Membership Corporation (the Corporation) under programs of the federal government for the year ended March 31, 2023. 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.
De Minimis Rate Used: N
Rate Explanation: N/A
The Corporation incurred $7,378,544 of FEMA related expenditures in fiscal year 2021. In accordance with FEMA’s Public Assistance Program guidelines, the Corporation recorded the eligible expenditures in its fiscal year 2023 Schedule of Expenditures of Federal Awards when its project worksheet was approved by FEMA.