Audit 363866

Title: Basis of Presentation 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement De Minimis Rate Used: N Rate Explanation: The Credit Union has not elected to use the 10% de minimis indirect cost rate as provided for in Section 200.414 of the Uniform Guidance The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of The New Orleans Firemen's Federal Credit Union (the Credit Union) under programs of the federal government for the year ended December 31, 2024. The information in this 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 the Credit Union, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Credit Union

Title: Summary of Significant Accounting Policies 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement De Minimis Rate Used: N Rate Explanation: The Credit Union has not elected to use the 10% de minimis indirect cost rate as provided for in Section 200.414 of the Uniform Guidance Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement

Title: De Minimis 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement De Minimis Rate Used: N Rate Explanation: The Credit Union has not elected to use the 10% de minimis indirect cost rate as provided for in Section 200.414 of the Uniform Guidance The Credit Union has not elected to use the 10% de minimis indirect cost rate as provided for in Section 200.414 of the Uniform Guidance