Notes to SEFA
Accounting Policies: 1.The purpose of the Schedule of Expenditures of Federal Awards is to present a summary of the activities of Nueva Esperanza Community Credit Union, Inc. (the Credit Union) for the year ended December 31, 2022, which were funded by the U.S. Government.Because the Schedule presents only a selected portion of the activities of the Credit Union, it is not intended to and does not present the financial position, results of operations or changes in net assets of the Credit Union. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in the schedule above may differ from amounts presented in, or used in the preparation of, the accompanying financial statements.The Schedule is prepared on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. CFR Part 230, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowed or are limited as to reimbursement. The Credit Union has elected not to use the 10 percent de minimus indirect cost rate as allowed under Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.