Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Forcost-reimbursement awards, such expenditures are recognized following the cost principlescontained in the Uniform Guidance, wherein certain types of expenditures are not allowableor are limited as to reimbursement. For performance-based awards, expenditures reportedrepresent amounts earned.
De Minimis Rate Used: N
Rate Explanation: The Credit Union has not elected to use the 10-percent de minimis indirect cost rate asallowed under the Uniform Guidance as it is not applicable.
The accompanying schedule of expenditures of federal awards (the Schedule) includes thefederal grant activity of Santa Cruz Community Credit Union (the Credit Union) underprograms of the federal government for the year ended December 31, 2022. The informationin the Schedule is presented in accordance with the requirements of Title 2 U.S. Code ofFederal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, andAudit Requirements for Federal Awards (Uniform Guidance). Because the Schedulepresents only a selected portion of the operations of the Credit Union, it is not intended toand does not present the financial condition, income, comprehensive income, changes inmembers equity, or cash flows of the Credit Union.