Notes to SEFA
Title: Note A - Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal Awards are reported on the accrual basis
of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code
of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit
Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as
to reimbursement. Public Service Credit Union has elected not to use the 10% de minimus indirect cost rate as
allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Public Service Credit Union under programs of the federal government for the year ended December 31, 2023. The
information in the 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 Public Service Credit Union, it is not intended to and does not present the earnings, changes in
members’ equity, or cash flows of Public Service Credit Union.
Title: Note B - Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal Awards are reported on the accrual basis
of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code
of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit
Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as
to reimbursement. Public Service Credit Union has elected not to use the 10% de minimus indirect cost rate as
allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Expenditures reported on the Schedule of Expenditures of Federal Awards are reported on the accrual basis
of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code
of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit
Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as
to reimbursement. Public Service Credit Union has elected not to use the 10% de minimus indirect cost rate as
allowed under the Uniform Guidance.
Title: Note C - Major Programs
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal Awards are reported on the accrual basis
of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code
of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit
Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as
to reimbursement. Public Service Credit Union has elected not to use the 10% de minimus indirect cost rate as
allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Major programs are identified in the Summary of Auditor’s Results section of the Schedule of Findings and
Questioned Costs.