Notes to SEFA
Accounting Policies: 1. BASIS OF PRESENTATION - The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Cooperativa de Ahorro y Crédito Yabucoeña under programs of the federal government for the year ended December 31, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 Cooperativa de Ahorro y Crédito Yabucoeña, 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 Yabucoeña. 2. 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 reimbursements. 3. INDIRECT COST RATE - Cooperativa de Ahorro y Crédito Yabucoeña did not elect to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. 4. FUNDS TO SUBRECIPIENTS - Cooperativa de Ahorro Yabucoeña did not disburse funds to subrecipients for the year ended December 31, 2023. 5. USAGE OF FEDERAL AWARDS - In agreement and compliance with authorized CDFI Awards, Cooperativa de Ahorro Yabucoeña elected to use the federal awards received to contribute capital reserve and certain operating costs and expenses. For the year ended December 31, 2023, Cooperativa de Ahorro y Crédito Yabucoeña contributed $2,212,363 to their capital reserve and used $125,000 for operating costs and expenses.
De Minimis Rate Used: N
Rate Explanation: Cooperativa de Ahorro y Crédito Yabucoeña did not elect to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.