The RUS Electric Program provides leadership and capital to maintain, expand, upgrade, and modernize America's vast rural electric infrastructure.  Under the authority of the Rural Electrification Act of 1936, the Electric Program makes direct loans and loan guarantees (Federal Financing Bank), as well as grants and other energy project financing to electric utilities (wholesale and retail providers of electricity) that serve customers in rural areas.

The Agency plans to issue a final rule with comment to update 7 CFR 1767, subpart B to add new accounts to the System of Accounts (USoA) for electric borrowers, delete obsolete accounts, and clarify instructions and definitions. The changes will also add new accounts and general instructions for partially extinguished or forgiven debt. 

The Agency, stakeholders, and RUS Awardees will benefit from this final rule with comments. The changes proposed will provide additional guidance and clarity for the Agency, RUS Awardees and Certified Public Accounting (CPA) firms. These changes will better align the RUS USoA with the FERC USoA, providing consistent accounting treatment for Awardees subject to FERC or RUS. This update will enable greater accuracy in reporting by developing three (3) new production plant categories and a new category for energy storage. Additionally, the revision will provide specific accounts and guidance on accounting for extinguished or forgiven debt. Although this rulemaking is administrative, there will be an opportunity for public input.