Audit 25018

Accounting Policies: BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Cooperativa de Ahorro y Credito de la Universidad de Puerto Rico (UNIVERSICOOP) (the Credit Union) under programs of the federal government for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Credit Union, it is not intended to, and does not, present the balance sheet, statements of members equity, or statements of cash flows of the Credit Union.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Schedule was prepared following the accrual basis of accounting used by the Credit Union explained in note 1 to the financial statements.FEDERAL CFDA NUMBERThe CFDA number included in this Schedule is determined based on the program name, review of grant contract information and the Office of Management and Budgets Catalogue of FederalDomesticAssistance.INDIRECT COST RATECooperativa de Ahorro y Credito de la Universidad de Puerto Rico (UNIVERSICOOP) has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.USAGE OF FEDERAL AWARDSThe Credit Union used the federal awards received in agreement and compliance with requirements of Funding Opportunity Number: CDFI 2022RRP. For the year ended June 30, 2022, the Credit Union received $1,826,265 and contributed $1,826,265 to their capital reserve. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.