Audit 50291

Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal grant activity of Tennessee Members 1st Federal Credit Union (the Credit Union) and has been prepared 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 Schedule presents only a selected portion of operations of the Credit Union, it is not intended to and does not present the financial position, net income, change in members' equity, or cash flows of the Credit Union. The Catalog of Federal Domestic Assistance is a government-wide compendium of individual federal programs. A five-digit program identification number (CFDA Number) is assigned to each program included in the catalog. The Credit Union is a cooperative association organized in accordance with the provisions of the Federal Credit Union Act for the purposes of promoting thrift among, and creating a source of credit for its members. Participation in the credit union is limited to those individuals who qualify for membership. The field of membership is defined in the Credit Union's Charter and Bylaws. Expenditures reported on the Schedule are reported on the accrual basis of accounting. The Credit Union has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.