Notes to SEFA
Accounting Policies: THE ACCOMPANYING SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS (THE SCHEDULE) INCLUDES THE FEDERAL GRANT ACTIVITY OF CLAIBORNE ELECTRIC COOPERATIVE, INC. AND IS PRESENTED ON THE ACCRUAL BASIS OF ACCOUNTING. THE INFORMATION IN THIS SCHEDULE IS PRESENTED IN ACCORDANCE WITH TITLE 2 U.S. CODE OF FEDERAL REGULATIONS PART 200, UNIFORM ADMINISTRATIVE REQUIREMENTS, COST PRINCIPLES, AND AUDIT REQUIREMENTS FOR FEDERAL AWARDS. THEREFORE, SOME AMOUNTS PRESENTED IN THIS SCHEDULE MAY DIFFER FROM AMOUNTS PRESENTED IN, OR USED IN THE PREPARATION OF, THE BASIC FINANCIAL STATEMENTS. BECAUSE THE SCHEDULE PRESENTS ONLY A 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. THE FEDERAL EXPENDITURES REPRESENT AMOUNTS RECEIVED IN 2022, BUT INCURRED IN PREVIOUS YEARS. THE COOPERATIVE HAS NOT ELECTED TO USE THE 10% DE MINIMUS INDIRECT COST RATE.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.