Notes to SEFA
The accompanying schedule of expenditures of Federal Awards presents the expenditures of the year ended December 31, 2025, of all the federal assisted programs of the “Cooperativa de Ahorro y Crédito de Lares”.
The schedule was prepared following the accrual basis of accounting, which is further explained in Note 2 of the basic financial statements of the “Cooperativa de Ahorro y Crédito de Lares” for the fiscal year ended December 31, 2025.
The Credit Union has elected not to use the 10-percent of de minimis indirect cost rate as allowed under the Uniform Guidance.
The Credit Union did not disburse funds to subrecipients for the year ended December 31, 2025.