Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Avenir Financial Federal Credit Union under programs of the federal government for the year ended December 31, 2025. The information in the Schedule is presented in accordance with the requirements of Title 2 US 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 Avenir Financial Federal Credit Union, the Schedule is not intended to and does not present the financial position or cash flows of Avenir Financial Federal Credit Union.
Expenditures reflected 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 reimbursements.
The credit union has elected to not use the 15% de minimis indirect cost rate as allowed under the Uniform Guidance, as it is not applicable.