Title: Note A – Basis of Presentation
Accounting Policies: Note A – Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of
Michigan First Credit Union and Subsidiaries under programs of the federal government for the year ended
December 31, 2024. 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 Michigan First Credit Union and Subsidiaries, it is not intended to and
does not present the earnings, changes in members’ equity, or cash flows of Michigan First Credit Union
and Subsidiaries.
Note B – Summary of Significant 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. Michigan First Credit Union and Subsidiaries has elected not to use the 10%
de minimus indirect cost rate as allowed under the Uniform Guidance.
Note C – Major Programs
Major programs are identified in the Summary of Auditor’s Results section of the Schedule of Findings and
Questioned Costs.
De Minimis Rate Used: N
Rate Explanation: 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.
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of
Michigan First Credit Union and Subsidiaries under programs of the federal government for the year ended
December 31, 2024. 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 Michigan First Credit Union and Subsidiaries, it is not intended to and
does not present the earnings, changes in members’ equity, or cash flows of Michigan First Credit Union
and Subsidiaries.
Title: Note B – Summary of Significant Accounting Policies
Accounting Policies: Note A – Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of
Michigan First Credit Union and Subsidiaries under programs of the federal government for the year ended
December 31, 2024. 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 Michigan First Credit Union and Subsidiaries, it is not intended to and
does not present the earnings, changes in members’ equity, or cash flows of Michigan First Credit Union
and Subsidiaries.
Note B – Summary of Significant 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. Michigan First Credit Union and Subsidiaries has elected not to use the 10%
de minimus indirect cost rate as allowed under the Uniform Guidance.
Note C – Major Programs
Major programs are identified in the Summary of Auditor’s Results section of the Schedule of Findings and
Questioned Costs.
De Minimis Rate Used: N
Rate Explanation: 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.
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. Michigan First Credit Union and Subsidiaries 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: Note A – Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of
Michigan First Credit Union and Subsidiaries under programs of the federal government for the year ended
December 31, 2024. 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 Michigan First Credit Union and Subsidiaries, it is not intended to and
does not present the earnings, changes in members’ equity, or cash flows of Michigan First Credit Union
and Subsidiaries.
Note B – Summary of Significant 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. Michigan First Credit Union and Subsidiaries has elected not to use the 10%
de minimus indirect cost rate as allowed under the Uniform Guidance.
Note C – Major Programs
Major programs are identified in the Summary of Auditor’s Results section of the Schedule of Findings and
Questioned Costs.
De Minimis Rate Used: N
Rate Explanation: 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.
Major programs are identified in the Summary of Auditor’s Results section of the Schedule of Findings and
Questioned Costs.