Notes to SEFA
Title: Oversight Agency
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity ofPrime Financial Credit Union and is presented on the accrual basis of accounting. The information inthe schedule is presented in accordance with the Uniform Guidance. Therefore, some amountspresented in the schedule may differ from amounts presented in or used in the preparation of the basicfinancial statements. Such expenditures are recognized following the cost principles contained in theUniform Guidance, wherein certain types of expenditures are not allowable and are limited as toreimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Federal oversight agency for Prime Financial Credit Union is U.S. Department of Treasury.
Title: Subrecipient Disclosure
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity ofPrime Financial Credit Union and is presented on the accrual basis of accounting. The information inthe schedule is presented in accordance with the Uniform Guidance. Therefore, some amountspresented in the schedule may differ from amounts presented in or used in the preparation of the basicfinancial statements. Such expenditures are recognized following the cost principles contained in theUniform Guidance, wherein certain types of expenditures are not allowable and are limited as toreimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
No subreceipts.
Title: Subrecipient Disclosure
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity ofPrime Financial Credit Union and is presented on the accrual basis of accounting. The information inthe schedule is presented in accordance with the Uniform Guidance. Therefore, some amountspresented in the schedule may differ from amounts presented in or used in the preparation of the basicfinancial statements. Such expenditures are recognized following the cost principles contained in theUniform Guidance, wherein certain types of expenditures are not allowable and are limited as toreimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
No subreceipts.
Title: Disclosure of Other Forms of Assistance
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity ofPrime Financial Credit Union and is presented on the accrual basis of accounting. The information inthe schedule is presented in accordance with the Uniform Guidance. Therefore, some amountspresented in the schedule may differ from amounts presented in or used in the preparation of the basicfinancial statements. Such expenditures are recognized following the cost principles contained in theUniform Guidance, wherein certain types of expenditures are not allowable and are limited as toreimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
No other monetary assistance received.