Audit 43070

Title: BASIS OF PRESENTATION Accounting Policies: Expenditures are reported on the schedule on the accrual basis of accounting. Such expenditures are recognized following the cost principles obtained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The Organization has elected not to use the 10 percent de minimis indirect cost rate as allowed under theUniform Guidance. The accompanying schedule of expenditures of federal awards includes the federal award activity of Community 1st Credit Union and is presented on the accrual basis of accounting. 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 FederalAwards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of Community 1st Credit Union, it is not intended to and does not present the financial position, changes in equity, or cash flows of Community 1st Credit Union.