Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Vantage West Credit Union 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 Vantage West Credit Union, it is not intended to and does not present the earnings, changes in members’ equity, or cash flows of Vantage West Credit Union.
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. Vantage West Credit Union has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
Major programs are identified in the Summary of Auditor’s Results section of the Schedule of Findings and Questioned Costs.
Vantage West Credit Union expended funds under the Fund Assistance Award program (Federal Assistance Listing #21.020) of the U.S. Department of Treasury during 2022. This award of $625,000 is subject to continuing compliance requirements through 2024.