Notes to SEFA
Title: FEDERAL CFDA NUMBER
Accounting Policies: BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Cooperativa de Ahorro y Crédito Familiar Progresista (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 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 balance sheet, statements of members’ equity, or statements of cash flows of the Credit Union.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Schedule was prepared following the accrual basis of accounting used by the Credit Union explained in note 1 to the financial statements.
De Minimis Rate Used: N
Rate Explanation: N/A
The CFDA number included in this Schedule is determined based on the program name, review of grant contract information and the Office of Management and Budget’s Catalogue of Federal Domestic Assistance.
Title: INDIRECT COST RATE
Accounting Policies: BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Cooperativa de Ahorro y Crédito Familiar Progresista (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 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 balance sheet, statements of members’ equity, or statements of cash flows of the Credit Union.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Schedule was prepared following the accrual basis of accounting used by the Credit Union explained in note 1 to the financial statements.
De Minimis Rate Used: N
Rate Explanation: N/A
Cooperativa de Ahorro y Crédito Familiar Progresista has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: USAGE OF FEDERAL AWARDS
Accounting Policies: BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Cooperativa de Ahorro y Crédito Familiar Progresista (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 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 balance sheet, statements of members’ equity, or statements of cash flows of the Credit Union.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Schedule was prepared following the accrual basis of accounting used by the Credit Union explained in note 1 to the financial statements.
De Minimis Rate Used: N
Rate Explanation: N/A
The Credit Union used the federal awards received in agreement and compliance with requirements of Funding Opportunity Number: CDFI–2023–ERP. For the year ended December 31, 2023, the Credit Union received $1,499,201 and contributed $1,078,000 to their capital reserve and $107,000 to the reserve for credit losses. The remaining amount will be used in the next fiscal period.