Notes to SEFA
Title: Note 2 - Oversight Agency
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Prime Financial Credit Union and is presented on the accrual basis of accounting. The information in the schedule is presented in accordance with the Uniform Guidance. Therefore, some amounts presented in the schedule may differ from amounts presented in or used in the preparation of the basic financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable and are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Elected not to use the 10% de minimis cost rate allowed under the Uniform guidance.
The Federal oversight agency for Prime Financial Credit Union is U.S. Department of Treasury.
Title: Note 3 - 10% De Minimis Cost Rate
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Prime Financial Credit Union and is presented on the accrual basis of accounting. The information in the schedule is presented in accordance with the Uniform Guidance. Therefore, some amounts presented in the schedule may differ from amounts presented in or used in the preparation of the basic financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable and are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Elected not to use the 10% de minimis cost rate allowed under the Uniform guidance.
Elected not to use the 10% de minimis cost rate allowed under the Uniform guidance.
Title: Note 4 - Subreceipt Disclosure
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Prime Financial Credit Union and is presented on the accrual basis of accounting. The information in the schedule is presented in accordance with the Uniform Guidance. Therefore, some amounts presented in the schedule may differ from amounts presented in or used in the preparation of the basic financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable and are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Elected not to use the 10% de minimis cost rate allowed under the Uniform guidance.
No subreceipts.
Title: Note 5 - Disclosures of Other Forms of Assistance
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Prime Financial Credit Union and is presented on the accrual basis of accounting. The information in the schedule is presented in accordance with the Uniform Guidance. Therefore, some amounts presented in the schedule may differ from amounts presented in or used in the preparation of the basic financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable and are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Elected not to use the 10% de minimis cost rate allowed under the Uniform guidance.
No other monetary assistance received.