Title: 1. General
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) presents the federal financial assistance programs of Cooperativa de Ahorro y Crédito La Comerieña and Subsidiary (the Credit Union). The reporting entity is defined in Note 1 to the Credit Union’s financial statements.
De Minimis Rate Used: N
Rate Explanation: The Credit Union has elected not to use the ten percent (10%) de minimis indirect cost rate.
The accompanying schedule of expenditures of federal awards (Schedule) presents the federal financial assistance programs of Cooperativa de Ahorro y Crédito La Comerieña and Subsidiary (the Credit Union). The reporting entity is defined in Note 1 to the Credit Union’s financial statements.
Title: 2. Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) presents the federal financial assistance programs of Cooperativa de Ahorro y Crédito La Comerieña and Subsidiary (the Credit Union). The reporting entity is defined in Note 1 to the Credit Union’s financial statements.
De Minimis Rate Used: N
Rate Explanation: The Credit Union has elected not to use the ten percent (10%) de minimis indirect cost rate.
The accompanying Schedule includes the federal grant activity of the Credit Union under programs of the federal government for the year ended June 30, 2024. The information in this schedule is presented in accordance with the requirements of 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.
Title: 3. Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) presents the federal financial assistance programs of Cooperativa de Ahorro y Crédito La Comerieña and Subsidiary (the Credit Union). The reporting entity is defined in Note 1 to the Credit Union’s financial statements.
De Minimis Rate Used: N
Rate Explanation: The Credit Union has elected not to use the ten percent (10%) de minimis indirect cost rate.
Expenditures reported on the Schedule 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 (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: 4. Subrecipients and Outstanding Federal Loans
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) presents the federal financial assistance programs of Cooperativa de Ahorro y Crédito La Comerieña and Subsidiary (the Credit Union). The reporting entity is defined in Note 1 to the Credit Union’s financial statements.
De Minimis Rate Used: N
Rate Explanation: The Credit Union has elected not to use the ten percent (10%) de minimis indirect cost rate.
Of the expenditures presented in the Schedule, the Credit Union provided no awards to subrecipients. There were no outstanding federal loans at June 30, 2024.
Title: 5. Indirect Cost Rate
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) presents the federal financial assistance programs of Cooperativa de Ahorro y Crédito La Comerieña and Subsidiary (the Credit Union). The reporting entity is defined in Note 1 to the Credit Union’s financial statements.
De Minimis Rate Used: N
Rate Explanation: The Credit Union has elected not to use the ten percent (10%) de minimis indirect cost rate.
The Credit Union has elected not to use the ten percent (10%) de minmis indirect cost rate.
Title: 6. USAGE of Federal Awards
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) presents the federal financial assistance programs of Cooperativa de Ahorro y Crédito La Comerieña and Subsidiary (the Credit Union). The reporting entity is defined in Note 1 to the Credit Union’s financial statements.
De Minimis Rate Used: N
Rate Explanation: The Credit Union has elected not to use the ten percent (10%) de minimis indirect cost rate.
The Credit Union elected to use the federal awards received to contribute to their capital reserve, in agreement and compliance with requirements of Funding Opportunity Number: CDFI–2022–ERP. For the year ended June 30, 2024, the Credit Union received funds for $3,718,258 which were expended in the following manner: contributed $1,900,000 to their capital reserve plus allocated $1,700,0000 for the provision for uncollectible loans; expended $88,258 for professional services and used $30,000 for salary expenses.