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 Tú Coop (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.
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 Tú Coop (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.
De Minimis Rate Used: N
Rate Explanation: N/A
Cooperativa de Ahorro y Crédito Tú Coop 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 Tú Coop (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.
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–RRP. For the year ended December 31, 2023, the Credit Union received $2,120,000 and contributed $1,404,096 to their capital reserve and the remaining balance for the allowance for doubtful accounts.