Notes to SEFA
Title: Note 1 - General
Accounting Policies: The schedule was prepared following the accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: The Credit Union did not use the de minimis cost rate since all costs are charged directly to the federal awards.
The accompanying schedule of expenditures of Federal Awards presents the expenditures of the year
ended June 30, 2024, of all the federal assisted programs of the “Cooperativa de Ahorro y Crédito
Cidreña”. For the fiscal year ended June 30, 2023, the Credit Union did not incurred expenses under
federal programs.
Title: Note 2 - Accounting Basis
Accounting Policies: The schedule was prepared following the accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: The Credit Union did not use the de minimis cost rate since all costs are charged directly to the federal awards.
The schedule was prepared following the accrual basis of accounting, which is further explained in Note 2
of the basic financial statements of the “Cooperativa de Ahorro y Crédito Cidreña” for the year ended June
30, 2024 and 2023.
Title: Note 3 - Indirect Cost Rate
Accounting Policies: The schedule was prepared following the accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: The Credit Union did not use the de minimis cost rate since all costs are charged directly to the federal awards.
The Credit Union has elected not to use the 10-percent of de minimis indirect cost rate as allowed under
the Uniform Guidance.
Title: Note 4 - Funds to Subrecipients
Accounting Policies: The schedule was prepared following the accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: The Credit Union did not use the de minimis cost rate since all costs are charged directly to the federal awards.
The Credit Union did not disburse funds to subrecipients for the year ended June 30, 2024.