Notes to SEFA
The Credit Union’s schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Lower East Side People’s Federal 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 Principles, 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 financial position, results of operations, changes in members’ equity, or cash flows of the Credit Union.
Basis of Accounting Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the applicable cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identification numbers are presented where available. There was none pass-through entity in 2025. Federal Awards and ERP Grant Recognition The Credit Union received ERP Grant funding totaling $3,718,258. Of the total grant award, approximately $641,718 was recognized on the SEFA during fiscal year 2024 and approximately $3,101,540 was recognized during fiscal year 2025. Relationship to Basic Financial Statements Federal award revenues are reported in the basic financial statements as other non-interest income. The basic financial statements are presented using the accrual basis of accounting.
The Credit Union has not elected to use the 15 percent de minimis indirect cost rate permitted under the Uniform Guidance. There was none indirect cost reported in 2025.
There were no federal awards expended in the form of noncash assistance by the Credit Union during the year ended December 31, 2025, and accordingly, no amounts were reported on the Schedule.
The Credit Union provided no federal awards to subrecipients during the year ended December 31, 2025 and accordingly, no amounts were reported on the Schedule.
As of December 31, 2025, there were no federal outstanding loans with Lower East Side People’s Federal Credit Union.