Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: During the current year, the Cooperativa de Ahorro y Crédito Lares y Región Central did not elect to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Cooperativa de Ahorro y Crédito Lares y Región Central under programs of the federal government for the year ended December 31, 2023. The information in the 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 Credit Union, it is not intended to and does not present the financial position, changes in members’ equity or cash flows of Cooperativa de Ahorro y Crédito Lares y Región Central.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: During the current year, the Cooperativa de Ahorro y Crédito Lares y Región Central did not elect to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: INDIRECT COST RATE
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: During the current year, the Cooperativa de Ahorro y Crédito Lares y Región Central did not elect to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
During the current year, the Cooperativa de Ahorro y Crédito Lares y Región Central did not elect to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.