Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the Corazo Credit Union (the Credit Union) under programs of the federal government for the year ended December 31, 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 Principle, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Credit Union, it is not intended to, and does not, present the statements of financial condition, statements of income, statements of comprehensive income, statements of changes in members’ equity, or statements of cash flows of the 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 2 CFR 200, Subpart E (Cost Principles), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The Credit Union has elected not to use the de minimis indirect cost rate allowed under the Uniform Guidance.
All expenditures reported on the Schedule were for the federal award activity of the Credit Unition and no related funds for any of the programs were provided to subrecipients for the year ended December 31, 2025.