Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Fort Randall Federal Credit Union under programs of the federal government for the year ended June 30, 2025. 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 Fort Randall Federal Credit Union, it is not intended to and does not present the financial position, changes in net position, or cash flows of Fort Randall Federal 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Fort Randall Federal Credit Union has not elected to use to 10% de minimus indirect cost rate.