tailieunhanh - owe FINANCIAL AUDIT Rural Electrification Administration’s Financial_part3

Witx điện khí chính () là cơ quan tín dụng của Sở Nông nghiệp nông thôn của Luật Điện khí establirhed năm 1936 để hỗ trợ tài chính điện và điện thoại Các tổ chức nông thôn phục vụ khu vực nông thôn. Điện khí Quản lý Duy trì một quỹ chung và ba cơ sở quay vòng, bao gồm một quỹ quay vòng được biết đến ae Ngân hàng Điện thoại nông thôn, governnrent công ty, nào là trong những rtatementr tài chính kết hợp | Financial Statements Notes to Financial Statements 1 Siiimnry of Significant Accounting foliciea a Entity The Rural Electrification Administration REA is a credit agency of the . Department of Agriculture established by the Rural Electrification Act of 1936 to assist In financing electric and telephone organizations serving rural areas. The Rural Electrification Administration maintains one general fund and three revolving funds Including a revolving fund known as the Rural Telephone Bank a government corporation which Is combined In these financial statements. The financial statements Include all funds for which REA is responsible and are presented on the accrual basis of accounting as required by Title 2 of the . General Accounting Office s GAO Policy and Procedures Manual for Guidance of Federal Agencies. All significant intra-agency balances and transactions have been eliminated. b Recognition of Financing Sources and Interest Income REA finances Its loan programs through available receipts and when necessary by long-term and Interim borrowings from the . Department of the Treasury and Federal Financing Bank FFB . See also note 4. Revolving funds were established in the early 1970s to maintain the rural electric and telephone programs with the Intention of making them self-sustaining. However REA receives annual appropriations for administrative expenditures as described below cable television program losses and Interest subsidies and losses which by law are not considered incurred for the rural electric and telephone programs. Appropriations are provided by the Congress on an annual basis to fund capital expenditures loan losses and such administrative expenditures as personnel compensation and fringe benefits rents communications and utilities. The budgetary process does not distinguish between operating and capital expenditures. For budgetary purposes both are recognized as a use of budgetary resources however for financial reporting purposes under