Notes to SEFA
Title: (1) General
Accounting Policies: The schedule of expenditures of federal awards is prepared on the accrual basis of accounting.
Expenditures are recognized following the cost principles contained in Title 2 U.S. Code of
Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and
Audit Requirements for Federal Awards (“Uniform Guidance”), wherein certain types of
expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Credit Union has not elected to use the 10% de minimis indirect cost rate as provided for in
Section 200.414 of the Uniform Guidance.
The accompanying schedule of expenditures of federal awards presents the activity of federal
financial assistance programs of The New Orleans Firemen’s Federal Credit Union (the Credit
Union). All federal financial assistance included on the schedule was received directly from the
Department of the Treasury.
Title: (2) Basis of Accounting
Accounting Policies: The schedule of expenditures of federal awards is prepared on the accrual basis of accounting.
Expenditures are recognized following the cost principles contained in Title 2 U.S. Code of
Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and
Audit Requirements for Federal Awards (“Uniform Guidance”), wherein certain types of
expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Credit Union has not elected to use the 10% de minimis indirect cost rate as provided for in
Section 200.414 of the Uniform Guidance.
The schedule of expenditures of federal awards is prepared on the accrual basis of accounting.
Expenditures are recognized following the cost principles contained in Title 2 U.S. Code of
Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and
Audit Requirements for Federal Awards (“Uniform Guidance”), wherein certain types of
expenditures are not allowable or are limited to reimbursement.
Title: (3) Basis of Presentation
Accounting Policies: The schedule of expenditures of federal awards is prepared on the accrual basis of accounting.
Expenditures are recognized following the cost principles contained in Title 2 U.S. Code of
Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and
Audit Requirements for Federal Awards (“Uniform Guidance”), wherein certain types of
expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Credit Union has not elected to use the 10% de minimis indirect cost rate as provided for in
Section 200.414 of the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant
activity of 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 the Uniform Guidance. Because the schedule presents only a selected portion of
the operations of the Credit Union, it is not intended to present the financial position or changes
in net members’ equity.
Title: (4) De Minimis Cost Rate
Accounting Policies: The schedule of expenditures of federal awards is prepared on the accrual basis of accounting.
Expenditures are recognized following the cost principles contained in Title 2 U.S. Code of
Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and
Audit Requirements for Federal Awards (“Uniform Guidance”), wherein certain types of
expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Credit Union has not elected to use the 10% de minimis indirect cost rate as provided for in
Section 200.414 of the Uniform Guidance.
The Credit Union has not elected to use the 10% de minimis indirect cost rate as provided for in
Section 200.414 of the Uniform Guidance.