Notes to SEFA
Title: Basis of presentation
Accounting Policies: Expenditures presented in the Schedule was presented on the accrual basis of accounting. The 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: The credit union has not elected to use the 10% de minimis cost rate
The accompanying schedule of expenditures of federal awards ( the "Schedule") includes the federal award activity of Cooperativa de Ahorro y Credito de Santa Isabel ( the Credit Union) under programs of the federal government for the year ended December 31, 2023.The information in this Schedule is presented in accordance witht the requirements of Title 2 U.S. Code of Federal Regulation 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 indended and does not present the financial position, result of operations, changes in members's equity, comprehensive income or cashflow s of Cooperativa de Ahorro y Credito de Santa Isabel.
Title: Summary of significant accounting policies
Accounting Policies: Expenditures presented in the Schedule was presented on the accrual basis of accounting. The 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: The credit union has not elected to use the 10% de minimis cost rate
Expenditures reported on the Schedule arer 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 presented in the Schedule was presented on the accrual basis of accounting. The 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: The credit union has not elected to use the 10% de minimis cost rate
Cooperativa de Ahorro y Credito de Santa Isabel has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.