Notes to SEFA
Title: Note 1 – General
Accounting Policies: Note 3 – Summary of Significant 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Credit Union has elected not to use the 10% de minimis indirect cost rate, as allowed under Uniform Guidance.
The accompanying schedule of expenditures of federal awards (“Schedule”) presents the federal financial assistance programs of Valley First Credit Union (“Credit Union”). The reporting entity is defined in Note 1 to the Credit Union’s financial statements.
Title: Note 2 – Basis of Presentation
Accounting Policies: Note 3 – Summary of Significant 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Credit Union has elected not to use the 10% de minimis indirect cost rate, as allowed under Uniform Guidance.
The accompanying Schedule includes the federal grant activity of the Credit Union under programs of the federal government for the year ended December 31, 2023, and is presented on the accrual basis of
accounting. 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 the Credit Union, it is not intended to, and does not, present the financial condition, comprehensive income, members’ equity, or cash flows of the Credit Union.
Title: Note 4 – Subrecipients
Accounting Policies: Note 3 – Summary of Significant 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Credit Union has elected not to use the 10% de minimis indirect cost rate, as allowed under Uniform Guidance.
Of the expenditures presented in the Schedule, the Credit Union provided no awards to subrecipients.
Title: Note 5 – Indirect Cost Rate
Accounting Policies: Note 3 – Summary of Significant 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Credit Union has elected not to use the 10% de minimis indirect cost rate, as allowed under Uniform Guidance.
The Credit Union has elected not to use the 10% de minimis indirect cost rate, as allowed under Uniform Guidance.