Notes to SEFA
Title: NOTE - 1 GENERAL
Accounting Policies: The schedule was prepared following the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate since all costs are charged directly to the federal awards.
The accompanying schedule of expenditures of Federal Awards presents the expenditures of the year
ended December 31, 2023, of all the federal assisted programs of the "Cooperativa de Ahorro y Crédito de
Lajas (Lajas Coop)".
Title: NOTE - 2 ACCOUNTING BASIS
Accounting Policies: The schedule was prepared following the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate since all costs are charged directly to the federal awards.
The schedule was prepared following the accrual basis of accounting, which is further explained in Note 2
of the basic financial statements of the "Cooperativa de Ahorro y Crédito de Lajas (Lajas Coop)" for the
year ended December 31, 2023.
Title: NOTE - 3 INDIRECT COST RATE
Accounting Policies: The schedule was prepared following the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate since all costs are charged directly to the federal awards.
The Credit Union has elected not to use the 10-percent of de minimis indirect cost rate as allowed under
the Uniform Guidance.
Title: NOTE 4 - FUNDS TO SUBRECIPIENTS
Accounting Policies: The schedule was prepared following the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate since all costs are charged directly to the federal awards.
The Credit Union did not disburse funds to subrecipients for the year ended December 31, 2023.