Notes to SEFA
City Federal Credit Union (the “Credit Union”) is exempt, by statute, from federal taxes on income related to the purpose of the Credit Union. The Credit Union provides lending, deposit, and other financial services to its members.
The accompanying schedule of expenditures of federal awards (the Schedule) includes all federal grant activity of City Federal Credit Union under programs of the federal government for the year ended September 30, 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 City Federal Credit Union, it is not intended to and does not present the financial position, changes in net assets or cash flows of City Federal Credit Union.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Further information on the requirements can be found in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). City Federal Credit Union did not elect to apply the 10% deminimis rate allowed by the Uniform Guidance. No indirect costs were charged to this program for the year ended September 30, 2024.
The credit union did not have any loan programs during the year ended September 30, 2024.
The credit union did not pass through any federal funds to subrecipients during the year ended September 30, 2024.