The accompanying schedule of expenditures of federal awards (Schedule) presents the federal financial assistance programs of Cooperativa de Ahorro y Crédito Lomas Verdes (the Credit Union). The reporting entity is defined in Note 1 to the Credit Union’s financial statements.
The accompanying Schedule includes the federal grant activity of 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 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 balance sheet, statements of members’ equity, or statements of cash flows of the Credit Union.
Expenditures reported on the Schedule 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 (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Of the expenditures presented in the Schedule, the Credit Union provided no awards to subrecipients. There were no outstanding federal loans at December 31, 2024.
The Credit Union has elected not to use the ten percent (10%) de minmis indirect cost rate.
The Credit Union elected to use the federal awards received to contribute to their capital reserve, in agreement and compliance with requirements of Funding Opportunity Number: CDFI–2022–ERP. For the year ended December 31, 2024, the Credit Union received funds for $1,957,678 plus they used a deferred grant income from 2023 in the amount of $378,563, for a total of $2,336,241. The Credit Union expended the funds during the year as follows: contributed $1,892,678 to their capital reserve, allocated $65,000 to the provision for uncollectible loans and expended $191,141 for promotions and educations for a grand total of $2,148,819, as of December 31, 2024, leaving a deferred grant income of $187,422 to be expended next year.