Audit 25147

Title: Subrecipients Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of ELGA Credit Union under programs of the federal government for the year ended December 31, 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 ELGA Credit Union, it is not intended to and does not present the financial position, changes in net position or cash flows of ELGA Credit Union. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: ELGA Credit Union has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. Of the federal expenditures presented in this schedule, ELGA Credit Union provided no federal awards to subrecipients.