Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of federalfinancial assistance programs of The New Orleans Firemens Federal Credit Union (the CreditUnion). All federal financial assistance included on the schedule was received directly from theDepartment of the Treasury. The schedule of expenditures of federal awards is prepared on the accrual basis of accounting.Expenditures are recognized following the cost principles contained in Title 2 U.S. Code ofFederal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, andAudit Requirements for Federal Awards (Uniform Guidance), wherein certain types ofexpenditures are not allowable or are limited to reimbursement. The accompanying schedule of expenditures of federal awards includes the federal grantactivity of the Credit Union under programs of the federal government for the year endedDecember 31, 2022. The information in this schedule is presented in accordance with therequirements of the Uniform Guidance. Because the schedule presents only a selected portion ofthe operations of the Credit Union, it is not intended to present the financial position or changesin net members equity. The Credit Union has not elected to use the 10% de minimis indirect cost rate as provided for inSection 200.414 of the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.