Border Federal Credit Union (the Credit Union) is a federally chartered credit union headquartered in Del Rio, Texas. The Credit Union is regulated and insured by the National Credit Union Administration (NCUA). The Credit Union provides financial services to its members, including deposit accounts, consumer and real estate lending, and other related financial services.
The accompanying schedule of expenditures of the federal awards (the Schedule) includes the U.S. Department of the Treasury (USDT) federal grant activity of the Credit Union’s Community Development Financial Institutions Program. 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. Because the financial statement presents only a selected portion of the operations of the Credit Union, it is not intended to, and does not, present the financial position, results of its operations, or cash flows of the Credit Union. Basis of Accounting – The information in the financial statement is prepared using the accrual basis of accounting. Such expenditures are recognized when incurred and determined to allowable under the grant award. The amount reported as federal expenditures was obtained from the Credit Union’s records. Management's Evaluation of Subsequent Events –The Credit Union has evaluated subsequent events through September 30, 2026, the date upon which the financial statement was available for issuance.
Federal award numbers 221FA060382 and 241FA065068, administered by USDT, are effective for the period February 28, 2023 to December 31, 2026 and September 26, 2024, through December 31, 2027, respectively. The Credit Union’s grant objective is to increase the deployment of financial products in eligible and approved target markets, including Persistent Poverty Counties, to support community development.
The amounts shown reflect loans made to eligible borrowers by the federal government. The Credit Union’s responsibility over these loans is to determine eligibility and act as the disbursing agent for the loans. Loans made to borrowers in the prior years, for which the federal government is still at risk, are held by the Credit Union. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. Total loans outstanding as of December 31, 2025 were as follows:
The Credit Union elected to not utilize the de-minis rate and does not charge any indirect expenses on their federal awards.
The Credit Union receives a portion of its funding from this USDT Community Development Financial Institutions Program, which is subject to audit. The ultimate determination of amounts received under this program is generally based upon allowable costs reported to and subject to audit by supporting agencies. There exists a contingency to refund any amounts received in excess of allowable costs. Management believes that disallowed costs, if any, will be immaterial to the financial statement of the program.