Notes to SEFA
Title: Note 1 - General
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying schedule of expenditures of Federal Awards presents the expenditures of the year
ended December 31, 2024, of all the federal assisted programs of the “Cooperativa de Ahorro y Crédito
de Camuy”.
Title: Note 2 - Accounting Basis
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: N/A
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 de Camuy” for
the fiscal year ended December 31, 2024.
Title: Note 3 - Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: N/A
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: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: N/A
The Credit Union did not disburse funds to subrecipients for the year ended December 31, 2024