Notes to SEFA
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of GTE Federal Credit Union (the Credit Union) under programs of the federal government for the year ended December 31, 2022. The information in the 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 income, changes in members equity, or cash flows of the Credit Union.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.