Notes to SEFA
Accounting Policies: Note 1 - Basis of PresentationThe accompanying Schedule of Expenditures of Federal Awards includes the federal grantactivity of Dade County Federal Credit Union (the Credit Union) under programs of the federalgovernment for the year ended December 31, 2022. The information in the Schedule is presentedin accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200,Uniform Administrative Requirements, Cost Principles, and Audit Requirements for FederalAwards (Uniform Guidance). Because the Schedule presents only a selected portion of theoperations of the Credit Union, it is not intended to and does not present the income, changes inmembers equity, or cash flows of the Credit Union.Note 2 - Summary of Significant Accounting PoliciesExpenditures reported on the Schedule of Expenditures of Federal Awards are reported on theaccrual basis of accounting. Such expenditures are recognized following the cost principlescontained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles and Audit Requirements for Federal Awards, wherein certaintypes of expenditures are not allowable or are limited as to reimbursement.Note 3 - Indirect Cost RateThe Credit Union has elected not to use the 10% de minimums indirect cost rate as allowed underthe Uniform Guidance.Note 4 - Major ProgramsMajor programs are identified in the Summary of Auditors Results section of the Schedule ofFindings and Questioned Costs.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.