Notes to SEFA
Accounting Policies: Basis of AccountingThe 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 of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited to reimbursement.Basis of PresentationThe accompanying schedule of expenditures of federal awards includes the federal grant activity of the 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 the Uniform Guidance. Because the schedule presents only a selected portion of the operations of the Credit Union, it is not intended to present the financial position or changes in net members equity.
De Minimis Rate Used: N
Rate Explanation: The Credit Union has not elected to use the 10% de minimis indirect cost rate as provided for in Section 200.414 of the Uniform Guidance.